Summit State Bank (NASDAQ:SSBI) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Summit State Bank (NASDAQ:SSBI) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $13.25 and traded as high as $13.56. Summit State Bank shares last traded at $13.3550, with a volume of 10,418 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Summit State Bank in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Summit State Bank Stock Performance

The company has a market cap of $92.20 million, a P/E ratio of 15.28 and a beta of 0.18. The stock’s fifty day moving average price is $13.56 and its two-hundred day moving average price is $13.28.

Summit State Bank (NASDAQ:SSBI) last announced its quarterly earnings data on Tuesday, April 28th. The bank reported $0.25 earnings per share (EPS) for the quarter. The firm had revenue of $10.06 million during the quarter.

Hedge Funds Weigh In On Summit State Bank

A number of institutional investors have recently modified their holdings of SSBI. Renaissance Technologies LLC acquired a new stake in Summit State Bank in the fourth quarter valued at about $144,000. Wealthspire Advisors LLC acquired a new position in Summit State Bank during the fourth quarter worth about $145,000. Susquehanna International Group LLP acquired a new position in Summit State Bank during the third quarter worth about $166,000. Daytona Street Capital LLC bought a new position in shares of Summit State Bank in the fourth quarter worth about $571,000. Finally, Alliancebernstein L.P. bought a new position in shares of Summit State Bank in the third quarter worth about $1,126,000.

About Summit State Bank

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.