Southern States Bancshares (NASDAQ:SSBK) Given New $35.00 Price Target at Hovde Group

Southern States Bancshares (NASDAQ:SSBK) had its price target decreased by research analysts at Hovde Group from $36.00 to $35.00 in a report released on Tuesday, MarketBeat.com reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s price objective indicates a potential upside of 14.42% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $36.00 target price (up from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Southern States Bancshares Stock Performance

NASDAQ SSBK opened at $30.59 on Tuesday. The company’s fifty day moving average is $30.38 and its two-hundred day moving average is $28.15. Southern States Bancshares has a 52-week low of $22.13 and a 52-week high of $34.72. 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 firm has a market capitalization of $272.50 million, a price-to-earnings ratio of 8.50 and a beta of 0.21.

Southern States Bancshares (NASDAQ:SSBK) last released its earnings results on Monday, October 21st. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.07). Southern States Bancshares had a net margin of 20.68% and a return on equity of 15.64%. The company had revenue of $46.83 million during the quarter.

Insider Transactions at Southern States Bancshares

In other Southern States Bancshares news, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares stock in a transaction on Friday, August 30th. The stock was sold at an average price of $31.17, for a total transaction of $62,340.00. Following the completion of the transaction, the director now directly owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Lynn J. Joyce sold 1,000 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $34,250.00. Following the sale, the chief financial officer now directly owns 43,188 shares in the company, valued at $1,479,189. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brent O. Hitson sold 2,000 shares of the firm’s 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 directly owns 21,753 shares of the company’s stock, valued at $678,041.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,742 shares of company stock valued at $383,735. Corporate insiders own 14.80% of the company’s stock.

Institutional Trading of Southern States Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers lifted its position in Southern States Bancshares by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after buying an additional 586 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Southern States Bancshares in the second quarter worth about $245,000. Squarepoint Ops LLC bought a new position in shares of Southern States Bancshares in the second quarter worth about $257,000. Kennedy Capital Management LLC lifted its position in shares of Southern States Bancshares by 3.7% during the first quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock worth $644,000 after purchasing an additional 886 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of 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 valued at $1,087,000 after purchasing an additional 3,708 shares during the last quarter. 58.73% of the stock is currently owned by institutional investors and hedge funds.

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.