In a recent transaction on July 26, Lynn J. Joyce, the Chief Financial Officer of Southern States Bancshares, Inc. (NASDAQ:SSBK), sold shares of the company's stock. The sale was for a total of 1,000 shares at a price of $34.25 each, amounting to $34,250.
Southern States Bancshares, based in Alabama, operates as a state commercial bank and is known for providing a range of banking services and products. The financial details of the transaction were made public in a filing with the Securities and Exchange Commission.
Following the sale, CFO Lynn J. Joyce continues to own a significant number of shares in the company. According to the filing, Joyce still holds 43,188 shares of Southern States Bancshares stock, which includes vested and unvested restricted units set to fully vest by December 31, 2024, and unvested restricted shares that will incrementally vest annually by February 21, 2027.
Investors often monitor insider sales as they may provide insights into how executives perceive the company's stock value and future performance. However, such transactions are common and can be motivated by a variety of factors unrelated to the company's performance.
The stock transaction occurred under the scope of regular SEC filings and is part of the standard disclosures required by company insiders. The details of the sale, including the number of shares and the transaction price, are publicly accessible for investors seeking to stay informed about the financial activities of Southern States Bancshares' executives.
InvestingPro Insights
The recent insider transaction involving Southern States Bancshares, Inc. (NASDAQ:SSBK) CFO Lynn J. Joyce aligns with a period of notable stock performance for the company. An InvestingPro Tip highlights that Southern States Bancshares has experienced a significant return over the last week, with a 10.0% price total return, which is part of a broader trend of strong returns over the last month and three months, at 21.59% and 31.17%, respectively.
Despite the CFO's sale of shares, the company's fundamentals present a mixed picture. Southern States Bancshares has a market capitalization of $293.97 million and a price-to-earnings (P/E) ratio of 9.2, which slightly increased to 9.33 when adjusted for the last twelve months as of Q2 2024. The P/E ratio suggests the stock is priced relatively modestly in relation to its earnings. However, the company's gross profit margins are considered weak, an aspect that investors should consider in their analysis.
Another InvestingPro Tip indicates that analysts predict the company will be profitable this year, which is supported by the fact that the company has been profitable over the last twelve months. This forward-looking optimism may provide some context for the CFO's transaction, implying confidence in the company's continued profitability. Investors can find additional insights and tips on Southern States Bancshares by visiting InvestingPro at: https://www.investing.com/pro/SSBK and can access the full suite of tools and data, including 6 more InvestingPro Tips, by using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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