Summit State Bank (NASDAQ:SSBI) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Summit State Bank's stock price has recently crossed above its 200-day moving average, reaching a high of $11.85 before closing at $11.66.
• The bank reported earnings per share of $0.36 and revenues of $9.49 million for the last quarter.
• Institutional investors have been actively buying shares, with notable increases in holdings by firms such as M3F Inc. and Northern Trust Corp..

Shares of Summit State Bank (NASDAQ:SSBI - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.62 and traded as high as $11.85. Summit State Bank shares last traded at $11.66, with a volume of 2,537 shares changing hands.

Summit State Bank Stock Performance

The company has a market capitalization of $80.34 million, a P/E ratio of -74.06 and a beta of 0.16. The firm has a 50 day moving average price of $11.41 and a two-hundred day moving average price of $9.74.

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

Institutional Investors Weigh In On Summit State Bank

Large investors have recently modified their holdings of the stock. Two Sigma Securities LLC bought a new stake in shares of Summit State Bank in the 4th quarter valued at approximately $89,000. Northern Trust Corp grew 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 during the period. Geode Capital Management LLC grew 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 during the period. Finally, M3F Inc. grew 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 during the period.

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.