Summit State Bank (NASDAQ:SSBI) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Summit State Bank (NASDAQ:SSBI) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $12.00 and traded as high as $13.33. Summit State Bank shares last traded at $13.07, with a volume of 7,458 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Summit State Bank in a research report on Monday, December 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Summit State Bank Stock Down 0.8%

The stock has a market capitalization of $88.61 million, a P/E ratio of 12.94 and a beta of 0.20. The stock’s 50 day moving average price is $12.94 and its 200-day moving average price is $12.00.

Summit State Bank (NASDAQ:SSBI) last posted its earnings results on Tuesday, January 27th. The bank reported $0.16 earnings per share for the quarter. The company had revenue of $7.57 million for the quarter.

Hedge Funds Weigh In On Summit State Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M3F Inc. boosted its holdings in shares of Summit State Bank by 17.1% in the 2nd quarter. M3F Inc. now owns 352,850 shares of the bank’s stock valued at $3,825,000 after buying an additional 51,417 shares in the last quarter. Wealthspire Advisors LLC bought a new position in shares of Summit State Bank during the 4th quarter worth approximately $145,000. Renaissance Technologies LLC purchased a new stake in Summit State Bank during the fourth quarter valued at approximately $144,000. Daytona Street Capital LLC acquired a new stake in Summit State Bank in the fourth quarter valued at approximately $571,000. Finally, Susquehanna International Group LLP acquired a new stake in Summit State Bank in the third quarter valued at approximately $166,000.

Summit State Bank Company Profile

Summit State Bank (NASDAQ: SSBI) is a California-chartered commercial bank that provides a comprehensive suite of banking and financial services to business and professional clients, as well as individuals. The bank’s core business activities include commercial and industrial lending, commercial real estate financing, business deposit products, treasury management services, and consumer deposit accounts. Through these offerings, Summit State Bank aims to support the growth and operational needs of small- and mid-sized enterprises across its markets.

In addition to its commercial lending solutions, Summit State Bank offers private banking services tailored to high-net-worth individuals, including customized lending, wealth management referrals, and trust services.