Banc Funds Co. LLC Lowers Stock Position in Summit State Bank $SSBI

Banc Funds Co. LLC cut its stake in shares of Summit State Bank (NASDAQ:SSBI) by 16.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 323,108 shares of the bank’s stock after selling 62,020 shares during the quarter. Banc Funds Co. LLC owned 4.77% of Summit State Bank worth $3,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Separately, Alliancebernstein L.P. purchased a new stake in shares of Summit State Bank during the 3rd quarter valued at $1,126,000.

Summit State Bank Trading Up 3.2%

Shares of NASDAQ SSBI opened at $13.21 on Friday. The stock’s 50-day moving average is $13.23 and its 200 day moving average is $12.09. The stock has a market cap of $89.56 million, a price-to-earnings ratio of 13.08 and a beta of 0.19. Summit State Bank has a 1-year low of $7.50 and a 1-year high of $14.00.

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

Analysts Set New Price Targets

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

Summit State Bank Company Profile

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.