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

Southern States Bancshares, Inc. (NASDAQ:SSBK) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Stockholders of record on Friday, May 3rd will be paid a dividend of 0.09 per share on Thursday, May 16th. This represents a $0.36 dividend on an annualized basis and a dividend 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% meaning its dividend is sufficiently covered by earnings.

Southern States Bancshares Price Performance

Shares of Southern States Bancshares stock opened at $23.76 on Friday. Southern States Bancshares has a 52-week low of $19.61 and a 52-week high of $30.74. The stock has a market capitalization of $210.99 million, a price-to-earnings ratio of 6.69 and a beta of 0.14. The company has a fifty day moving average of $24.94 and a 200-day moving average of $25.43. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.05 and a current ratio of 1.05.

Southern States Bancshares (NASDAQ:SSBK) last announced its quarterly earnings data on Monday, January 22nd. The company reported $0.81 earnings per share (EPS) 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.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SSBK. UBS Group AG increased its stake in shares of Southern States Bancshares by 77.6% in the 3rd quarter. UBS Group AG now owns 1,069 shares of the company’s stock worth $29,000 after acquiring an additional 467 shares in the last quarter. Barclays PLC bought a new stake in Southern States Bancshares during the 2nd quarter valued at about $32,000. California State Teachers Retirement System bought a new stake in Southern States Bancshares during the 2nd quarter valued at about $53,000. Acadian Asset Management LLC bought a new stake in Southern States Bancshares during the 1st quarter valued at about $59,000. Finally, Wells Fargo & Company MN increased its stake in Southern States Bancshares by 6,525.6% during the 2nd quarter. Wells Fargo & Company MN now owns 2,849 shares of the company’s stock valued at $60,000 after purchasing an additional 2,806 shares in the last quarter. 58.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.