Southern States Bancshares, Inc. (NASDAQ:SSBK) experienced a notable transaction in its stock, as Director Brent O. Hitson sold a significant amount of shares. On July 26, Hitson disposed of 5,747 shares at an average price of $33.22, resulting in a total value of approximately $190,915.
The shares were sold in multiple transactions with prices ranging from $33.00 to $34.30. Following the sale, Hitson's remaining ownership in the company stands at 23,753 shares of common stock. This move by a key member of the company's board is of interest to investors tracking insider activity.
Southern States Bancshares, based in Anniston, Alabama, operates within the state commercial banks sector. The company's stock is publicly traded, and such transactions by directors are closely watched for insights into insider perspectives on the company's value and prospects.
Investors and shareholders can take note of the current post-transaction holdings of Hitson and may seek further details on the specific prices of each share sold within the reported range upon request. The transaction was formally filed on July 30, as indicated by the signature of Brent D. Hitson, by Jeff Shanks acting as Attorney-in-Fact.
It is typical for company insiders to buy and sell stock, and these transactions are publicly disclosed to ensure transparency in the financial markets. Southern States Bancshares' recent insider stock sale represents a routine disclosure, providing the market with information about the trading activities of the company's directors.
InvestingPro Insights
Amidst the news of Director Brent O. Hitson's share sale in Southern States Bancshares, Inc. (NASDAQ:SSBK), investors may find additional context through recent performance metrics and analyses. The company, which has been navigating the competitive state commercial banks sector, currently holds a market capitalization of 283.72 million USD. This figure is a reflection of the company's value in the financial markets and is a critical factor for investors to consider.
One aspect that may capture investor interest is the company's price-to-earnings (P/E) ratio. Southern States Bancshares has a P/E ratio of 9.2, which can offer insights into how the market values the company's earnings. Additionally, the company's revenue for the last twelve months as of Q2 2024 stands at 80.76 million USD, indicating its scale of operations and financial performance during this period.
InvestingPro Tips suggest that despite weak gross profit margins, Southern States Bancshares has shown strong returns over the last month, with a 20.52% increase, and even more impressive growth over the last three months at 35.82%. Analysts also predict that the company will be profitable this year, a sentiment that is supported by the company's profitability over the last twelve months.
For investors seeking a more comprehensive analysis, additional InvestingPro Tips are available, including insights on the company's dividend yield and future earnings projections. There are more tips listed in InvestingPro for Southern States Bancshares, which can be accessed for a deeper dive into the company's financial health. To access these tips and benefit from the full range of insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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