Summit State Bank (NASDAQ:SSBI) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Summit State Bank (NASDAQ:SSBI) from a sell rating to a hold rating in a research report sent to investors on Friday morning, ValuEngine reports.

NASDAQ SSBI traded up $0.09 on Friday, reaching $12.24. The stock had a trading volume of 67,732 shares, compared to its average volume of 3,734. The firm has a 50 day simple moving average of $11.73. Summit State Bank has a 1 year low of $10.65 and a 1 year high of $16.10. The company has a market capitalization of $74.31 million, a P/E ratio of 14.41 and a beta of 0.26.

Summit State Bank (NASDAQ:SSBI) last issued its earnings results on Tuesday, April 30th. The bank reported $0.23 EPS for the quarter. The firm had revenue of $6.04 million during the quarter.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 16th will be paid a $0.12 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 3.92%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wedbush Securities Inc. grew its holdings in Summit State Bank by 7.7% in the second quarter. Wedbush Securities Inc. now owns 37,733 shares of the bank’s stock valued at $415,000 after purchasing an additional 2,713 shares during the last quarter. Eidelman Virant Capital acquired a new stake in Summit State Bank in the second quarter valued at $154,000. Banc Funds Co. LLC grew its holdings in Summit State Bank by 6.4% in the first quarter. Banc Funds Co. LLC now owns 176,707 shares of the bank’s stock valued at $2,046,000 after purchasing an additional 10,700 shares during the last quarter. Context BH Capital Management LP grew its holdings in Summit State Bank by 2.4% in the first quarter. Context BH Capital Management LP now owns 117,332 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 2,713 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Summit State Bank by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 58,540 shares of the bank’s stock valued at $689,000 after purchasing an additional 2,062 shares during the last quarter. Hedge funds and other institutional investors own 14.18% of the company’s stock.

About Summit State Bank

Summit State Bank provides various banking products and services to individuals and businesses primarily in Sonoma County, California. It offers personal and business checking, money market, sweep, savings, and demand accounts; time certificates of deposit; and specialized deposit accounts, such as professional, small business packaged, tiered, and Keogh and individual retirement accounts.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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