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

Summit State Bank (NASDAQ:SSBI) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.65 and traded as high as $13.56. Summit State Bank shares last traded at $13.56, with a volume of 701 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Summit State Bank from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, March 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

Summit State Bank Trading Up 1.2%

The stock’s 50-day moving average is $13.47 and its 200-day moving average is $12.65. The stock has a market cap of $91.94 million, a price-to-earnings ratio of 15.24 and a beta of 0.18.

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

Institutional Trading of Summit State Bank

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