Southern States upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Southern States Bancshares to Outperform from Market Perform with a price target of $35, up from $32. The analyst estimates the proposed Century Bank deal would add a notable 55c per share to 2025 earnings. While tangible book value dilution is 8%, earn-back is a reasonable at only 2.5 years, the analyst tells investors in a research note. The firm says this “low-risk deal” would add scarcity value, enhance Southern States’ growing Georgia footprint, and offer earnings support in the event of rate cuts. It thinks the valuation creates an attractive entry point into the shares.