Geode Capital Management LLC Increases Position in Southern States Bancshares, Inc. (NASDAQ:SSBK)

Geode Capital Management LLC lifted its position in shares of Southern States Bancshares, Inc. (NASDAQ:SSBK) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 172,073 shares of the company’s stock after purchasing an additional 2,717 shares during the period. Geode Capital Management LLC owned about 1.93% of Southern States Bancshares worth $5,288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC purchased a new stake in Southern States Bancshares during the 3rd quarter worth about $208,000. Quadrature Capital Ltd acquired a new stake in shares of Southern States Bancshares during the 3rd quarter worth about $221,000. OneAscent Wealth Management LLC purchased a new stake in Southern States Bancshares during the third quarter worth approximately $236,000. Rhumbline Advisers lifted its stake in Southern States Bancshares by 7.0% during the second quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after purchasing an additional 586 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Southern States Bancshares in the second quarter valued at approximately $245,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group cut their price objective on shares of Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd.

Southern States Bancshares Stock Performance

Shares of SSBK stock opened at $32.40 on Friday. The stock’s 50-day moving average is $35.08 and its two-hundred day moving average is $31.54. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.02 and a current ratio of 1.02. Southern States Bancshares, Inc. has a 1 year low of $22.13 and a 1 year high of $39.16. The firm has a market cap of $320.27 million, a price-to-earnings ratio of 9.13 and a beta of 0.30.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings results on Monday, October 21st. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07). The firm had revenue of $46.83 million for the quarter. Southern States Bancshares had a return on equity of 14.11% and a net margin of 19.33%.

Southern States Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.11%. Southern States Bancshares’s payout ratio is 10.14%.

Southern States Bancshares Company Profile

Southern States Bancshares, Inc operates as the bank holding company for Southern States Bank that provides community banking services to businesses and individuals. The company provides various deposit products, such as savings, money market, and noninterest-bearing demand accounts; certificates of deposit; and time deposits.