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

Southern States Bancshares, Inc. (NASDAQ:SSBK) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 37,800 shares, a decline of 16.2% from the October 31st total of 45,100 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average daily volume of 18,900 shares, the days-to-cover ratio is presently 2.0 days.

Southern States Bancshares Price Performance

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

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 analysts’ consensus estimates of $0.96 by ($0.07). The business 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, November 1st. Southern States Bancshares’s dividend payout ratio (DPR) is 10.14%.

Institutional Investors Weigh In On Southern States Bancshares

Several institutional investors have recently bought and sold shares of SSBK. Vanguard Group Inc. increased 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 valued at $9,066,000 after buying an additional 2,782 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Southern States Bancshares by 10.2% in 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 acquiring an additional 3,708 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Southern States Bancshares by 7.0% during the second quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock valued at $243,000 after acquiring an additional 586 shares during the period. Acadian Asset Management LLC bought a new stake in Southern States Bancshares during the second quarter worth approximately $245,000. Finally, Dimensional Fund Advisors LP lifted its position in Southern States Bancshares by 22.4% in the second quarter. Dimensional Fund Advisors LP now owns 50,521 shares of the company’s stock worth $1,371,000 after purchasing an additional 9,244 shares during the period. Institutional investors and hedge funds own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

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

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.