Summit State Bank (NASDAQ:SSBI) Share Price Passes Above 200 Day Moving Average – Should You Sell?

Summit State Bank (NASDAQ:SSBI) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $13.13 and traded as high as $13.84. Summit State Bank shares last traded at $13.61, with a volume of 1,479 shares changing hands.

Analyst Ratings Changes

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

Summit State Bank Price Performance

The business’s 50 day moving average price is $13.60 and its 200 day moving average price is $13.13. The stock has a market capitalization of $92.28 million, a P/E ratio of 15.29 and a beta of 0.18.

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

Hedge Funds Weigh In On Summit State Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in shares of Summit State Bank in the fourth quarter worth $144,000. Wealthspire Advisors LLC bought a new position in Summit State Bank in the fourth quarter valued at about $145,000. Susquehanna International Group LLP purchased a new position in Summit State Bank in the third quarter worth about $166,000. Daytona Street Capital LLC purchased a new position in Summit State Bank in the fourth quarter worth about $571,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Summit State Bank during the 3rd quarter valued at about $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.