Summit State Bank (NASDAQ:SSBI) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Summit State Bank (NASDAQ:SSBI) passed above its 200‑day moving average of $12.32, trading as high as $13.74 and last at $13.73 on a volume of 5,530 shares.
• Weiss Ratings upgraded SSBI from "sell (d+)" to "hold (c)," leaving the consensus rating at Hold, while several institutions (including Renaissance Technologies, Wealthspire, Susquehanna and Daytona Street Capital) established or added to positions.
• The bank has a market cap of about $93.09 million, a trailing P/E of 13.59, and reported $0.16 EPS on $7.57 million in revenue for the most recent quarter.

Summit State Bank (NASDAQ:SSBI - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.32 and traded as high as $13.74. Summit State Bank shares last traded at $13.73, with a volume of 5,530 shares traded.

Analyst Ratings Changes

Separately, Weiss Ratings raised Summit State Bank from a "sell (d+)" rating to a "hold (c)" rating in a report on Friday, March 27th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Summit State Bank has an average rating of "Hold".

Summit State Bank Trading Up 0.2%

The firm has a market cap of $93.09 million, a PE ratio of 13.59 and a beta of 0.18. The firm's 50 day simple moving average is $13.37 and its 200 day simple moving average is $12.32.

Summit State Bank (NASDAQ:SSBI - Get Free Report) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.16 earnings per share for the quarter. The firm had revenue of $7.57 million for the quarter.

Institutional Trading of Summit State Bank

A number of large investors have recently added to or reduced their stakes in the company. M3F Inc. raised its holdings in shares of Summit State Bank by 0.4% during the 3rd quarter. M3F Inc. now owns 354,229 shares of the bank's stock worth $4,219,000 after acquiring an additional 1,379 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Summit State Bank in the fourth quarter worth $144,000. Wealthspire Advisors LLC bought a new stake in Summit State Bank in the fourth quarter worth $145,000. Susquehanna International Group LLP purchased a new stake in Summit State Bank during the third quarter valued at $166,000. Finally, Daytona Street Capital LLC bought a new position in Summit State Bank during the fourth quarter valued at $571,000.

About Summit State Bank

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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