Summit State Bank (NASDAQ:SSBI) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Summit State Bank (NASDAQ:SSBI)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.90 and traded as high as $13.49. Summit State Bank shares last traded at $13.4550, with a volume of 465 shares traded.

Analyst Upgrades and Downgrades

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

Summit State Bank Stock Up 0.3%

The stock has a market capitalization of $91.22 million, a price-to-earnings ratio of 15.12 and a beta of 0.18. The company’s 50-day simple moving average is $13.56 and its 200 day simple moving average is $12.90.

Summit State Bank (NASDAQ:SSBI) last posted its earnings results on Tuesday, April 28th. The bank reported $0.25 EPS for the quarter. The business had revenue of $10.06 million for the quarter.

Hedge Funds Weigh In On Summit State Bank

A number of institutional investors have recently modified their holdings of the company. M3F Inc. raised its position in shares of Summit State Bank by 0.4% in the third quarter. M3F Inc. now owns 354,229 shares of the bank’s stock valued at $4,219,000 after purchasing an additional 1,379 shares during the period. Alliancebernstein L.P. bought a new position in shares of Summit State Bank in the third quarter valued at approximately $1,126,000. Daytona Street Capital LLC bought a new position in shares of Summit State Bank in the fourth quarter valued at approximately $571,000. Susquehanna International Group LLP acquired a new stake in shares of Summit State Bank in the third quarter valued at about $166,000. Finally, Wealthspire Advisors LLC acquired a new stake in shares of Summit State Bank in the fourth quarter valued at about $145,000.

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.