State Street Corp Buys 2,902 Shares of Southern States Bancshares, Inc. (NASDAQ:SSBK)

State Street Corp grew its stake in Southern States Bancshares, Inc. (NASDAQ:SSBK) by 3.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 94,195 shares of the company’s stock after buying an additional 2,902 shares during the period. State Street Corp’s holdings in Southern States Bancshares were worth $2,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in SSBK. Empowered Funds LLC acquired a new stake in Southern States Bancshares during the third quarter worth about $208,000. Quadrature Capital Ltd bought a new stake in shares of Southern States Bancshares in the 3rd quarter worth approximately $221,000. OneAscent Wealth Management LLC acquired a new stake in shares of Southern States Bancshares during the 3rd quarter worth approximately $236,000. 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 valued at $243,000 after purchasing an additional 586 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in Southern States Bancshares in the third quarter worth $276,000. Institutional investors own 58.73% of the company’s stock.

Analyst Ratings Changes

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

Southern States Bancshares Stock Down 0.4 %

Shares of SSBK opened at $33.31 on Wednesday. Southern States Bancshares, Inc. has a 12 month low of $22.13 and a 12 month high of $39.16. The stock has a market cap of $329.27 million, a price-to-earnings ratio of 9.38 and a beta of 0.30. The company has a 50-day moving average price of $34.97 and a two-hundred day moving average price of $31.47. 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 posted its earnings results on Monday, October 21st. The company reported $0.89 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.08%. The ex-dividend date was Friday, November 1st. Southern States Bancshares’s payout ratio is 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.