Short Interest in Summit State Bank (NASDAQ:SSBI) Drops By 18.2%

Summit State Bank (NASDAQ:SSBIGet Rating) was the target of a significant drop in short interest in the month of April. As of April 30th, there was short interest totalling 1,800 shares, a drop of 18.2% from the April 15th total of 2,200 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average daily volume of 9,800 shares, the days-to-cover ratio is presently 0.2 days.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Banc Funds Co. LLC grew its position in shares of Summit State Bank by 1.9% in the first quarter. Banc Funds Co. LLC now owns 209,850 shares of the bank’s stock valued at $3,588,000 after purchasing an additional 4,000 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Summit State Bank in the first quarter valued at about $3,275,000. Traverso Chambers Private Wealth Management LLC grew its position in shares of Summit State Bank by 10.6% in the fourth quarter. Traverso Chambers Private Wealth Management LLC now owns 85,912 shares of the bank’s stock valued at $1,331,000 after purchasing an additional 8,262 shares during the period. BHZ Capital Management LP grew its position in shares of Summit State Bank by 10.7% in the fourth quarter. BHZ Capital Management LP now owns 72,898 shares of the bank’s stock valued at $1,129,000 after purchasing an additional 7,037 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Summit State Bank by 11.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 63,276 shares of the bank’s stock valued at $954,000 after purchasing an additional 6,462 shares during the period. Institutional investors and hedge funds own 12.87% of the company’s stock.

Shares of NASDAQ SSBI traded down $0.24 during trading on Tuesday, hitting $15.10. The company had a trading volume of 481 shares, compared to its average volume of 5,664. The stock has a fifty day simple moving average of $16.19 and a two-hundred day simple moving average of $16.08. Summit State Bank has a fifty-two week low of $13.01 and a fifty-two week high of $22.00. The firm has a market capitalization of $100.87 million, a price-to-earnings ratio of 6.58 and a beta of 0.59.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 19th. Stockholders of record on Thursday, May 12th will be given a $0.12 dividend. The ex-dividend date is Wednesday, May 11th. This represents a $0.48 annualized dividend and a dividend yield of 3.18%. Summit State Bank’s dividend payout ratio (DPR) is 20.92%.

About Summit State Bank (Get Rating)

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, individual retirement, and other retirement plan accounts.

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