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

ValuEngine upgraded shares of Summit State Bank (NASDAQ:SSBI) from a sell rating to a hold rating in a research note issued to investors on Wednesday, ValuEngine reports.

Shares of Summit State Bank stock opened at $9.36 on Wednesday. The company has a market cap of $56.79 million, a PE ratio of 7.61 and a beta of 0.90. The firm has a fifty day moving average price of $10.05 and a two-hundred day moving average price of $10.46. Summit State Bank has a fifty-two week low of $6.50 and a fifty-two week high of $13.21.

Summit State Bank (NASDAQ:SSBI) last announced its quarterly earnings data on Monday, April 27th. The bank reported $0.40 EPS for the quarter. The company had revenue of $8.45 million for the quarter.

Several hedge funds have recently made changes to their positions in SSBI. Wedbush Securities Inc. grew its holdings in shares of Summit State Bank by 12.5% during the 1st quarter. Wedbush Securities Inc. now owns 70,687 shares of the bank’s stock worth $565,000 after purchasing an additional 7,835 shares in the last quarter. Traverso Chambers Private Wealth Management LLC raised its stake in shares of Summit State Bank by 23.6% in the second quarter. Traverso Chambers Private Wealth Management LLC now owns 80,410 shares of the bank’s stock valued at $721,000 after purchasing an additional 15,330 shares in the last quarter. Finally, Banc Funds Co. LLC lifted its position in Summit State Bank by 1.9% in the first quarter. Banc Funds Co. LLC now owns 177,051 shares of the bank’s stock worth $1,415,000 after purchasing an additional 3,344 shares during the period. Institutional investors own 13.93% of the company’s stock.

Summit State Bank Company Profile

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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