Southern States Bancshares, Inc. (NASDAQ:SSBK) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers grew its stake in Southern States Bancshares, Inc. (NASDAQ:SSBK) by 7.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,958 shares of the company’s stock after acquiring an additional 586 shares during the period. Rhumbline Advisers owned about 0.10% of Southern States Bancshares worth $243,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Kennedy Capital Management LLC raised its position in Southern States Bancshares by 3.7% in the first 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 period. Bank of New York Mellon Corp raised its holdings in shares of Southern States Bancshares by 10.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock valued at $1,087,000 after buying an additional 3,708 shares during the period. Vanguard Group Inc. lifted its stake in Southern States Bancshares by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 349,767 shares of the company’s stock worth $9,066,000 after acquiring an additional 2,782 shares in the last quarter. Finally, Banc Funds Co. LLC lifted its stake in Southern States Bancshares by 29.5% during the 4th quarter. Banc Funds Co. LLC now owns 732,343 shares of the company’s stock worth $21,443,000 after acquiring an additional 166,700 shares in the last quarter. 58.73% of the stock is currently owned by institutional investors and hedge funds.

Southern States Bancshares Price Performance

Shares of NASDAQ SSBK opened at $29.96 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $267.24 million, a price-to-earnings ratio of 8.32 and a beta of 0.22. The stock’s 50-day moving average is $30.63 and its two-hundred day moving average is $27.55. Southern States Bancshares, Inc. has a 1-year low of $21.70 and a 1-year high of $34.72.

Southern States Bancshares (NASDAQ:SSBK) last released its earnings results on Monday, July 22nd. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $42.38 million for the quarter.

Southern States Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Wednesday, July 31st were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.20%. Southern States Bancshares’s payout ratio is 10.00%.

Insider Transactions at Southern States Bancshares

In related news, Director Brent O. Hitson sold 5,747 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $33.22, for a total value of $190,915.34. Following the transaction, the director now owns 23,753 shares of the company’s stock, valued at $789,074.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Southern States Bancshares news, Director Brent O. Hitson sold 5,747 shares of Southern States Bancshares stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $33.22, for a total transaction of $190,915.34. Following the completion of the sale, the director now directly owns 23,753 shares of the company’s stock, valued at approximately $789,074.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brent O. Hitson sold 2,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $31.17, for a total value of $62,340.00. Following the transaction, the director now directly owns 21,753 shares of the company’s stock, valued at $678,041.01. The disclosure for this sale can be found here. In the last three months, insiders sold 13,742 shares of company stock valued at $448,035. Insiders own 14.80% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.