Short Interest in Southern States Bancshares, Inc. (NASDAQ:SSBK) Drops By 16.2%

Southern States Bancshares, Inc. (NASDAQ:SSBK) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 37,800 shares, a decrease of 16.2% from the October 31st total of 45,100 shares. Based on an average daily volume of 18,900 shares, the short-interest ratio is currently 2.0 days. Currently, 0.5% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Separately, Hovde Group decreased their price target 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 Trading Down 0.5 %

NASDAQ:SSBK opened at $37.22 on Friday. The business’s 50-day simple moving average is $32.69 and its 200-day simple moving average is $30.04. Southern States Bancshares has a fifty-two week low of $22.13 and a fifty-two week high of $39.16. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $367.73 million, a PE ratio of 10.48 and a beta of 0.21.

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

Southern States Bancshares Announces Dividend

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

Institutional Investors Weigh In On Southern States Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of 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. Geode Capital Management LLC grew its position in Southern States Bancshares by 1.6% in the third quarter. Geode Capital Management LLC now owns 172,073 shares of the company’s stock valued at $5,288,000 after purchasing an additional 2,717 shares in the last quarter. State Street Corp grew its position in Southern States Bancshares by 3.2% in the third quarter. State Street Corp now owns 94,195 shares of the company’s stock valued at $2,895,000 after purchasing an additional 2,902 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Southern States Bancshares by 22.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,521 shares of the company’s stock valued at $1,371,000 after buying an additional 9,244 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position 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 worth $1,087,000 after buying an additional 3,708 shares in the last quarter. Institutional investors and hedge funds own 58.73% 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.