Summit State Bank (NASDAQ:SSBI) Announces Earnings Results

Summit State Bank (NASDAQ:SSBI) released its quarterly earnings data on Tuesday. The bank reported ($0.19) earnings per share (EPS) for the quarter, Zacks reports.

Summit State Bank Stock Performance

NASDAQ SSBI opened at $13.17 on Wednesday. The firm’s fifty day moving average is $13.50 and its two-hundred day moving average is $13.43. Summit State Bank has a one year low of $10.35 and a one year high of $14.00. The firm has a market cap of $89.25 million, a PE ratio of 14.80 and a beta of 0.18.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Summit State Bank in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Summit State Bank

Several institutional investors have recently added to or reduced their stakes in SSBI. Susquehanna International Group LLP acquired a new stake in Summit State Bank during the 3rd quarter worth approximately $166,000. Alliancebernstein L.P. acquired a new position in Summit State Bank in the 3rd quarter valued at $1,126,000. Wealthspire Advisors LLC acquired a new position in shares of Summit State Bank during the fourth quarter worth about $145,000. Finally, Renaissance Technologies LLC acquired a new position in Summit State Bank during the 4th quarter worth approximately $144,000.

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.