Southern States Bancshares, Inc. (NASDAQ:SSBK) Stake Cut by Banc Funds Co. LLC

Banc Funds Co. LLC lessened its stake in shares of Southern States Bancshares, Inc. (NASDAQ:SSBK) by 3.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 717,213 shares of the company’s stock after selling 25,440 shares during the period. Southern States Bancshares makes up about 2.4% of Banc Funds Co. LLC’s portfolio, making the stock its 4th biggest position. Banc Funds Co. LLC owned approximately 8.04% of Southern States Bancshares worth $22,040,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of SSBK. Rhumbline Advisers raised its stake in shares of Southern States Bancshares by 7.0% in 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. Vanguard Group Inc. raised its position 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 buying an additional 2,782 shares during the last quarter. Martingale Asset Management L P raised its position in Southern States Bancshares by 17.5% during the 3rd quarter. Martingale Asset Management L P now owns 18,900 shares of the company’s stock worth $581,000 after buying an additional 2,812 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Southern States Bancshares by 10.2% during 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 acquiring an additional 3,708 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of Southern States Bancshares in the 3rd quarter valued at $208,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Analysts Set New Price Targets

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

Southern States Bancshares Stock Down 0.5 %

Shares of SSBK opened at $37.22 on Monday. The company has a market capitalization of $367.73 million, a price-to-earnings ratio of 10.48 and a beta of 0.21. Southern States Bancshares, Inc. has a 52 week low of $22.13 and a 52 week high of $39.16. The stock’s 50-day moving average price is $32.69 and its 200-day moving average price is $30.08. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.45.

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

Southern States Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were given a dividend of $0.09 per share. The ex-dividend date was Friday, November 1st. This represents a $0.36 annualized dividend and a yield of 0.97%. Southern States Bancshares’s dividend payout ratio is presently 10.14%.

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.