Southern States Bancshares, Inc. Announces Quarterly Dividend of $0.09 (NASDAQ:SSBK)

Southern States Bancshares, Inc. (NASDAQ:SSBK) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Investors of record on Friday, May 3rd will be given a dividend of 0.09 per share on Thursday, May 16th. This represents a $0.36 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 2nd.

Southern States Bancshares has a payout ratio of 5.5% indicating that its dividend is sufficiently covered by earnings.

Southern States Bancshares Stock Up 1.7 %

NASDAQ:SSBK opened at $23.76 on Friday. Southern States Bancshares has a 1-year low of $19.61 and a 1-year high of $30.74. The company has a 50-day moving average of $24.94 and a 200 day moving average of $25.43. The firm has a market cap of $210.99 million, a PE ratio of 6.69 and a beta of 0.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.05 and a quick ratio of 1.05.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings data on Monday, January 22nd. The company reported $0.81 earnings per share for the quarter. Southern States Bancshares had a net margin of 22.64% and a return on equity of 15.52%. The company had revenue of $23.52 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded shares of Southern States Bancshares from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $32.00 to $35.00 in a report on Friday, March 15th.

Hedge Funds Weigh In On Southern States Bancshares

Large investors have recently added to or reduced their stakes in the company. Susquehanna International Group LLP bought a new position in Southern States Bancshares in the fourth quarter worth about $300,000. Renaissance Technologies LLC increased its holdings in shares of Southern States Bancshares by 18.3% during the fourth quarter. Renaissance Technologies LLC now owns 13,600 shares of the company’s stock valued at $394,000 after acquiring an additional 2,107 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Southern States Bancshares by 310.0% during the fourth quarter. Citigroup Inc. now owns 4,563 shares of the company’s stock valued at $132,000 after acquiring an additional 3,450 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Southern States Bancshares by 16.7% during the third quarter. Bank of New York Mellon Corp now owns 13,881 shares of the company’s stock valued at $378,000 after acquiring an additional 1,985 shares in the last quarter. Finally, State Street Corp acquired a new position in shares of Southern States Bancshares during the third quarter valued at about $218,000. 58.73% of the stock is currently owned by institutional investors.

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.