Summit State Bank (NASDAQ:SSBI) Earns Sell (D+) Rating from Weiss Ratings

Key Points

• Weiss Ratings has reissued a "sell (D+)" rating for Summit State Bank (NASDAQ:SSBI), indicating a negative outlook for the bank's stock.
• Summit State Bank reported earnings of $0.36 per share and revenue of $9.49 million for the last quarter, with its shares opening at $12.00.
• M3F Inc. raised its stake in Summit State Bank by 0.5%, now holding 301,433 shares, which represents 0.8% of its investment portfolio.

Summit State Bank (NASDAQ:SSBI - Get Free Report)'s stock had its "sell (d+)" rating reissued by Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Summit State Bank Price Performance

Shares of SSBI opened at $12.00 on Wednesday. The company has a market capitalization of $81.36 million, a price-to-earnings ratio of -75.00 and a beta of 0.21. Summit State Bank has a fifty-two week low of $6.14 and a fifty-two week high of $12.60. The business's 50-day moving average is $11.90 and its 200-day moving average is $10.51.

Summit State Bank (NASDAQ:SSBI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The bank reported $0.36 earnings per share for the quarter. The business had revenue of $9.49 million during the quarter.

Hedge Funds Weigh In On Summit State Bank

A hedge fund recently raised its stake in Summit State Bank stock. M3F Inc. increased its position in Summit State Bank (NASDAQ:SSBI - Free Report) by 0.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 301,433 shares of the bank's stock after buying an additional 1,433 shares during the period. Summit State Bank accounts for 0.8% of M3F Inc.'s portfolio, making the stock its 23rd largest holding. M3F Inc. owned 4.45% of Summit State Bank worth $2,782,000 at the end of the most recent quarter.

About Summit State Bank

Summit State Bank engages in providing an array of financial services to small and medium-sized businesses, their owners and employees, entrepreneurs, high net worth families, foundations, estates, and individual consumers. It specializes in business services, personal accounts, nonprofit programs, and mobile banking ranging from lending, checking, merchant, eBanking, automated teller machines, equity loans, and others.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.