In a recent transaction, Lynn J. Joyce, the Chief Financial Officer of Southern States Bancshares, Inc. (NASDAQ:SSBK), sold 2,000 shares of the company's common stock. The sale, dated July 24, 2024, was executed at a weighted average price of $32.15 per share, with individual transactions ranging from $32.00 to $32.20. The total value of the shares sold amounted to approximately $64,300.
This move by the CFO adjusted her holdings in the company to 44,188 shares, which includes a mix of vested and unvested restricted units and shares. According to the filing, Joyce's remaining stock includes 13,318 vested restricted units and 6,658 unvested restricted units that are set to fully vest by the end of December 2024. Additionally, she holds 3,267 unvested restricted shares that will gradually vest annually by February 21, 2027.
The transaction was reported in compliance with the Securities and Exchange Commission regulations, which require insiders to disclose sales and purchases of company securities. The detailed information regarding the sale, including the exact number of shares sold at each price within the specified range, is available upon request to qualified individuals.
Investors often monitor insider transactions as part of their analysis, as these can provide insights into executives' perspectives on the company's current valuation and future prospects. Southern States Bancshares, Inc., headquartered in Anniston, Alabama, is a financial institution classified under state commercial banks.
The recent filing reflects the latest financial moves within the company, as insiders' trades are closely watched by market participants for indications of corporate executives' confidence in their firm's financial health and future performance.
InvestingPro Insights
Following the recent insider transaction by Lynn J. Joyce, CFO of Southern States Bancshares, Inc. (NASDAQ:SSBK), market participants may find additional context in the company's current financial metrics and performance trends. With a market capitalization of approximately $292.72 million and a trailing twelve-month P/E ratio of 9.29, Southern States Bancshares appears to be valued in line with its earnings. Notably, the company's shares are trading near their 52-week high, with the price reaching 99.88% of this peak, indicating a strong market sentiment.
Investors looking for growth indicators should note that the company has experienced significant returns, with a one-week total price return of 10.68% and a one-month return of 26.14%. This short-term performance is complemented by a robust three-month price total return of 36.5%. These figures suggest a positive trend in investor confidence, which may be a factor for those considering the implications of insider sales.
However, an InvestingPro Tip points to the stock being in overbought territory according to the Relative Strength Index (RSI), hinting at potential caution for those looking to enter a position at current levels. Additionally, despite strong recent returns, Southern States Bancshares suffers from weak gross profit margins, which could be a concern for investors focused on fundamental health.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available on the company, including analysts' profitability predictions for the year and an assessment of the stock's performance over various time frames. For more comprehensive insights, readers can explore these tips at https://www.investing.com/pro/SSBK and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. Currently, there are 7 additional InvestingPro Tips listed for Southern States Bancshares, Inc., which could further inform investment decisions.
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