Summit State Bank (NASDAQ:SSBI) Stock Crosses Above Two Hundred 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 Friday . The stock has a two hundred 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 changing hands.

Analyst Upgrades and Downgrades

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

Summit State Bank Trading Up 1.2%

The company has a market capitalization of $91.94 million, a price-to-earnings ratio of 15.24 and a beta of 0.18. The firm’s fifty day simple moving average is $13.47 and its two-hundred day simple moving average is $12.65.

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

Hedge Funds Weigh In On Summit State Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in Summit State Bank in the 4th quarter valued at about $144,000. Wealthspire Advisors LLC acquired a new position in shares of Summit State Bank in the 4th quarter worth approximately $145,000. Susquehanna International Group LLP acquired a new position in shares of Summit State Bank in the 3rd quarter worth approximately $166,000. Daytona Street Capital LLC acquired a new position in shares of Summit State Bank in the 4th quarter worth approximately $571,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Summit State Bank in the 3rd quarter worth approximately $1,126,000.

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.