Renaissance Technologies LLC Sells 4,000 Shares of Southern States Bancshares, Inc. (NASDAQ:SSBK)

Renaissance Technologies LLC trimmed its stake in Southern States Bancshares, Inc. (NASDAQ:SSBK) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,900 shares of the company’s stock after selling 4,000 shares during the period. Renaissance Technologies LLC owned approximately 0.55% of Southern States Bancshares worth $1,327,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Southern States Bancshares by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 349,767 shares of the company’s stock worth $9,066,000 after buying an additional 2,782 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Southern States Bancshares during the second quarter valued at about $245,000. Bank of New York Mellon Corp lifted its stake in Southern States Bancshares by 10.2% during the second quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock worth $1,087,000 after purchasing an additional 3,708 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Southern States Bancshares by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after purchasing an additional 586 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its position in shares of Southern States Bancshares by 3.7% during the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after purchasing an additional 886 shares during the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.

Southern States Bancshares Stock Performance

NASDAQ:SSBK opened at $29.15 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. Southern States Bancshares, Inc. has a fifty-two week low of $21.70 and a fifty-two week high of $34.72. The firm has a market cap of $260.02 million, a PE ratio of 8.10 and a beta of 0.21. The business has a 50 day moving average price of $30.34 and a 200-day moving average price of $27.72.

Southern States Bancshares (NASDAQ:SSBK) last announced its quarterly earnings results on Monday, July 22nd. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.11. Southern States Bancshares had a net margin of 20.68% and a return on equity of 15.64%. The business had revenue of $42.38 million during the quarter.

Southern States Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 12th. Investors of record on Wednesday, July 31st were paid a $0.09 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $0.36 annualized dividend and a dividend yield of 1.23%. Southern States Bancshares’s payout ratio is presently 10.00%.

Analyst Upgrades and Downgrades

SSBK has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd. Hovde Group started coverage on shares of Southern States Bancshares in a research report on Monday, September 9th. They set an “outperform” rating for the company.

Insider Activity at Southern States Bancshares

In other Southern States Bancshares news, CFO Lynn J. Joyce sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $32.15, for a total value of $64,300.00. Following the completion of the sale, the chief financial officer now owns 44,188 shares in the company, valued at approximately $1,420,644.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Lynn J. Joyce sold 2,000 shares of Southern States Bancshares stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $32.15, for a total transaction of $64,300.00. Following the completion of the transaction, the chief financial officer now directly owns 44,188 shares of the company’s stock, valued at $1,420,644.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jay F. Pumroy sold 2,995 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.13, for a total value of $96,229.35. Following the completion of the sale, the director now owns 100,774 shares in the company, valued at $3,237,868.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,742 shares of company stock worth $448,035 in the last 90 days. Company insiders own 14.80% of the company’s stock.

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.