Summit State Bank (NASDAQ:SSBI) Releases Quarterly Earnings Results

Key Points

• Summit State Bank reported $0.25 EPS for the quarter, and its shares traded up to $13.83 on Tuesday on lighter-than-average volume.
• The stock is trading near its 52-week high of $14, with a market capitalization of about $93.7 million and a P/E ratio of 13.69.
• Several institutional investors, including Renaissance Technologies and AllianceBernstein, initiated positions recently, and Weiss Ratings upgraded the stock from a "sell (d+)" to a hold (c)

Summit State Bank (NASDAQ:SSBI - Get Free Report) posted its earnings results on Tuesday. The bank reported $0.25 EPS for the quarter, Zacks reports.

Summit State Bank Price Performance

Summit State Bank stock traded up $0.06 during trading on Tuesday, reaching $13.83. 1,286 shares of the company were exchanged, compared to its average volume of 6,055. Summit State Bank has a 52-week low of $7.84 and a 52-week high of $14.00. The company has a market capitalization of $93.69 million, a P/E ratio of 13.69 and a beta of 0.18. The stock's 50 day simple moving average is $13.37 and its two-hundred day simple moving average is $12.43.

Hedge Funds Weigh In On Summit State Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new position in Summit State Bank during the fourth quarter worth approximately $144,000. Wealthspire Advisors LLC purchased a new stake in Summit State Bank in the fourth quarter valued at $145,000. Susquehanna International Group LLP purchased a new stake in Summit State Bank in the third quarter valued at $166,000. Finally, Alliancebernstein L.P. purchased a new stake in Summit State Bank in the third quarter valued at $1,126,000.

Analysts Set New Price Targets

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 equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Summit State Bank currently has a consensus rating of "Hold".

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.

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