Summit State Bank (NASDAQ:SSBI) Stock Price Passes Above Two Hundred Day Moving Average of $11.85

Summit State Bank (NASDAQ:SSBI) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.85 and traded as high as $12.60. Summit State Bank shares last traded at $12.43, with a volume of 1,800 shares trading hands.

Separately, ValuEngine upgraded shares of Summit State Bank from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd.

The firm has a market capitalization of $75.52 million, a price-to-earnings ratio of 13.24 and a beta of 0.27. The stock’s 50 day moving average price is $12.24 and its two-hundred day moving average price is $11.85.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 15th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.48 annualized dividend and a dividend yield of 3.92%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eidelman Virant Capital acquired a new stake in Summit State Bank in the second quarter valued at approximately $154,000. Wedbush Securities Inc. increased its stake in shares of Summit State Bank by 7.7% during the 2nd quarter. Wedbush Securities Inc. now owns 37,733 shares of the bank’s stock worth $415,000 after purchasing an additional 2,713 shares during the last quarter. Context BH Capital Management LP raised its holdings in shares of Summit State Bank by 15.4% during the 2nd quarter. Context BH Capital Management LP now owns 135,389 shares of the bank’s stock valued at $1,489,000 after purchasing an additional 18,057 shares in the last quarter. Finally, Banc Funds Co. LLC raised its holdings in shares of Summit State Bank by 7.4% during the 2nd quarter. Banc Funds Co. LLC now owns 189,707 shares of the bank’s stock valued at $2,087,000 after purchasing an additional 13,000 shares in the last quarter. 14.22% of the stock is owned by hedge funds and other institutional investors.

About Summit State Bank (NASDAQ:SSBI)

Summit State Bank provides various banking products and services to individuals and businesses primarily in Sonoma County, California. It offers personal and business checking, money market, sweep, savings, and demand accounts; time certificates of deposit; and specialized deposit accounts, such as professional, small business packaged, tiered, and Keogh and individual retirement accounts.

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