Southern States Bancshares, Inc. (NASDAQ:SSBK) Announces $0.09 Quarterly Dividend

Southern States Bancshares, Inc. (NASDAQ:SSBK) declared a quarterly dividend on Wednesday, October 16th, Zacks reports. Investors of record on Friday, November 1st will be paid a dividend of 0.09 per share on Friday, November 15th. This represents a $0.36 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Friday, November 1st.

Southern States Bancshares has a dividend payout ratio of 9.1% indicating that its dividend is sufficiently covered by earnings.

Southern States Bancshares Trading Down 1.4 %

Southern States Bancshares stock opened at $31.54 on Friday. Southern States Bancshares has a one year low of $21.70 and a one year high of $34.72. The stock has a market cap of $281.34 million, a PE ratio of 8.96 and a beta of 0.21. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50-day moving average of $30.27 and a two-hundred day moving average of $27.98.

Southern States Bancshares (NASDAQ:SSBK) last released its earnings results on Monday, July 22nd. The company reported $1.00 EPS 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 company had revenue of $42.38 million during the quarter.

Insider Buying and Selling

In other Southern States Bancshares news, Director Brent O. Hitson sold 5,747 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $33.22, for a total value of $190,915.34. Following the completion of the transaction, the director now owns 23,753 shares in the company, valued at approximately $789,074.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares stock in a transaction on Friday, August 30th. The shares were sold at an average price of $31.17, for a total value of $62,340.00. Following the sale, the director now owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brent O. Hitson sold 5,747 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $33.22, for a total transaction of $190,915.34. Following the transaction, the director now owns 23,753 shares of the company’s stock, valued at $789,074.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,742 shares of company stock valued at $448,035. Corporate insiders own 7.10% of the company’s stock.

Analyst Ratings Changes

SSBK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods restated 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 initiated coverage on Southern States Bancshares in a report on Monday, September 9th. They set an “outperform” rating for the company.

About Southern States Bancshares

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.