Summit State Bank (NASDAQ:SSBI) Short Interest Up 92.2% in July

Key Points

• Short interest for Summit State Bank increased by 92.2% in July, with 17,300 shares sold short compared to 9,000 shares at the end of June.
• Several hedge funds have increased their stakes in Summit State Bank, with Northern Trust Corp raising its holdings by 46.7% in the fourth quarter.
• Summit State Bank's stock rose 1.3% recently, with a market cap of $81.77 million and a reported earnings per share (EPS) of $0.36 for the last quarter.

Summit State Bank (NASDAQ:SSBI - Get Free Report) was the target of a significant increase in short interest in the month of July. As of July 15th, there was short interest totaling 17,300 shares, anincreaseof92.2% from the June 30th total of 9,000 shares. Approximately0.4% of the company's shares are sold short. Based on an average daily volume of 18,900 shares, the short-interest ratio is currently 0.9 days. Based on an average daily volume of 18,900 shares, the short-interest ratio is currently 0.9 days. Approximately0.4% of the company's shares are sold short.

Hedge Funds Weigh In On Summit State Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. M3F Inc. lifted its stake in shares of Summit State Bank by 0.5% in the 1st quarter. M3F Inc. now owns 301,433 shares of the bank's stock valued at $2,782,000 after purchasing an additional 1,433 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Summit State Bank by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 53,004 shares of the bank's stock valued at $405,000 after purchasing an additional 3,245 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Summit State Bank by 46.7% in the 4th quarter. Northern Trust Corp now owns 16,662 shares of the bank's stock valued at $127,000 after purchasing an additional 5,306 shares in the last quarter. Two Sigma Securities LLC acquired a new position in shares of Summit State Bank in the 4th quarter valued at about $89,000. Finally, Salzhauer Michael raised its holdings in shares of Summit State Bank by 30.1% during the 4th quarter. Salzhauer Michael now owns 102,046 shares of the bank's stock valued at $781,000 after buying an additional 23,594 shares during the period.

Summit State Bank Stock Up 1.3%

Shares of NASDAQ:SSBI opened at $12.06 on Wednesday. The company has a market cap of $81.77 million, a P/E ratio of -75.38 and a beta of 0.16. Summit State Bank has a 52 week low of $5.68 and a 52 week high of $12.60. The business has a fifty day simple moving average of $10.76 and a 200-day simple moving average of $9.27.

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

Summit State Bank Company Profile

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.

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