Summit State Bank (NASDAQ:SSBI) Stock Passes Above 200-Day Moving Average – What’s Next?

Summit State Bank (NASDAQ:SSBI)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.06 and traded as high as $12.80. Summit State Bank shares last traded at $12.80, with a volume of 844 shares traded.

Analysts Set New Price Targets

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

Summit State Bank Trading Up 0.5%

The stock’s fifty day moving average is $13.17 and its two-hundred day moving average is $12.08. The company has a market capitalization of $87.23 million, a PE ratio of 12.74 and a beta of 0.19.

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

Institutional Investors Weigh In On Summit State Bank

Several large investors have recently modified their holdings of the stock. M3F Inc. raised 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 worth $3,825,000 after purchasing an additional 51,417 shares during the period. Alliancebernstein L.P. bought a new position in Summit State Bank during the third quarter valued at $1,126,000. Susquehanna International Group LLP bought a new position in Summit State Bank during the third quarter valued at $166,000. Wealthspire Advisors LLC purchased a new stake in Summit State Bank in the fourth quarter worth $145,000. Finally, Renaissance Technologies LLC purchased a new stake in Summit State Bank in the fourth quarter worth $144,000.

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.