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

Shares of Summit State Bank (NASDAQ:SSBI) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.79 and traded as high as $13.75. Summit State Bank shares last traded at $13.6640, with a volume of 705 shares.

Analysts Set New Price Targets

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

Summit State Bank Trading Down 0.6%

The firm has a market capitalization of $92.64 million, a P/E ratio of 13.53 and a beta of 0.20. The stock has a 50 day simple moving average of $12.07 and a 200-day simple moving average of $11.79.

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

Institutional Investors Weigh In On Summit State Bank

A number of hedge funds have recently modified their holdings of SSBI. M3F Inc. increased its stake in shares of Summit State Bank by 0.4% in the 3rd quarter. M3F Inc. now owns 354,229 shares of the bank’s stock worth $4,219,000 after purchasing an additional 1,379 shares in the last quarter. Alliancebernstein L.P. bought a new stake in Summit State Bank during the third quarter valued at about $1,126,000. Daytona Street Capital LLC bought a new stake in Summit State Bank during the fourth quarter valued at about $571,000. Finally, Susquehanna International Group LLP purchased a new stake in Summit State Bank in the third quarter worth about $166,000.

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.