GAMMA Investing LLC Acquires Shares of 822 Southern States Bancshares, Inc. (NASDAQ:SSBK)

GAMMA Investing LLC acquired a new stake in Southern States Bancshares, Inc. (NASDAQ:SSBK) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 822 shares of the company’s stock, valued at approximately $29,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SSBK. Rhumbline Advisers increased its stake in Southern States Bancshares by 3.9% in the 4th quarter. Rhumbline Advisers now owns 8,779 shares of the company’s stock valued at $292,000 after buying an additional 328 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Southern States Bancshares by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 36,689 shares of the company’s stock valued at $1,222,000 after acquiring an additional 2,592 shares during the period. Bailard Inc. bought a new position in shares of Southern States Bancshares during the 4th quarter valued at approximately $452,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Southern States Bancshares by 54.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,426 shares of the company’s stock valued at $1,113,000 after acquiring an additional 11,789 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Southern States Bancshares by 60.1% during the 4th quarter. JPMorgan Chase & Co. now owns 35,025 shares of the company’s stock valued at $1,167,000 after acquiring an additional 13,142 shares during the period. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods downgraded shares of Southern States Bancshares from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd.

Southern States Bancshares Stock Up 2.4%

Southern States Bancshares stock opened at $36.32 on Friday. Southern States Bancshares, Inc. has a twelve month low of $25.60 and a twelve month high of $39.16. The firm has a 50 day moving average price of $34.58 and a 200-day moving average price of $33.51. The company has a market capitalization of $360.66 million, a P/E ratio of 9.56 and a beta of 0.28. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Southern States Bancshares (NASDAQ:SSBK) last released its earnings results on Monday, April 21st. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The firm had revenue of $26.51 million during the quarter, compared to the consensus estimate of $26.80 million. Southern States Bancshares had a net margin of 20.39% and a return on equity of 14.38%.

Southern States Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 12th. Investors of record on Thursday, May 1st were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, May 1st. Southern States Bancshares’s dividend payout ratio (DPR) is presently 9.47%.

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.