In a recent transaction, Brent O. Hitson, a director at Southern States Bancshares, Inc. (NASDAQ:SSBK), sold 2,000 shares of the company's common stock. The sale, which took place on August 30, 2024, amounted to a total of $62,340. The shares were sold at an average price of $31.17, with individual transactions ranging from $31.00 to $31.47 per share.
Investors tracking insider activity may note that following the sale, Hitson still retains 21,753 shares of Southern States Bancshares. The company, which operates within the state commercial banks sector, is incorporated in Alabama and has its business address in Anniston, AL.
The reported transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, dated September 3, 2024. The filing provides transparency regarding the trading activities of the company's directors and is available for public review.
The disclosure of this sale offers investors insight into the trading behavior of Southern States Bancshares' insiders, which can sometimes serve as a barometer for the company's health and the confidence level of its senior members. However, such transactions should be considered within the broader context of the company's performance and market conditions.
For those interested in the specifics of the transactions, Brent O. Hitson has committed to providing full details upon request, including the number of shares sold at each separate price within the given range.
InvestingPro Insights
Amid the recent insider trading activity at Southern States Bancshares, Inc. (NASDAQ:SSBK), investors may find additional context through InvestingPro Insights. While the sale by director Brent O. Hitson reflects individual decision-making, broader company performance metrics can offer a more comprehensive view of the company's current standing.
InvestingPro data for Southern States Bancshares shows a market capitalization of $278.37 million, indicating the company's size in the financial sector. A notable metric for investors is the company's price-to-earnings (P/E) ratio, which currently stands at 9.12. This metric, which is slightly adjusted downwards to 8.74 for the last twelve months as of Q2 2024, suggests the company's earnings are being valued at a relatively moderate level in the market.
Furthermore, the company's performance over recent months has been marked by significant returns, with a 22.0% total price return over the last three months and an impressive 26.18% return over the last six months. This trend is indicative of the company's strong market performance during this period and aligns with one of the InvestingPro Tips, highlighting a "Strong return over the last three months."
Another InvestingPro Tip points out that analysts predict Southern States Bancshares will be profitable this year. This is supported by the company's profitability over the last twelve months and a substantial price uptick over the same period, which can be seen as a positive signal for potential investors. Despite concerns over weak gross profit margins, the company's overall financial health appears robust.
For investors and analysts seeking a deeper dive into Southern States Bancshares' financials and performance metrics, InvestingPro offers additional tips. Currently, there are several more InvestingPro Tips available for SSBK, which can be accessed for a more informed investment strategy.
As the company approaches its next earnings date on October 21, 2024, these insights can help stakeholders gauge the potential direction of Southern States Bancshares' stock. Investors may also consider the fair value estimates provided by InvestingPro, which currently stand at $25.99, against analyst targets of $36, to assess potential investment opportunities.
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