TheStreet Lowers Summit State Bank (SSBI) to C+

Summit State Bank (NASDAQ:SSBI) was downgraded by TheStreet from a “b” rating to a “c+” rating in a research report issued to clients and investors on Tuesday.

Summit State Bank (NASDAQ:SSBI) traded up $0.11 during trading hours on Tuesday, hitting $13.00. 8,580 shares of the stock traded hands, compared to its average volume of 13,242. The company has a market cap of $75.76, a price-to-earnings ratio of 19.40 and a beta of 0.61. Summit State Bank has a 12 month low of $11.65 and a 12 month high of $15.28.

Summit State Bank (NASDAQ:SSBI) last released its quarterly earnings data on Tuesday, October 24th. The bank reported $0.17 earnings per share for the quarter. The company had revenue of $4.94 million during the quarter.

Hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN increased its stake in Summit State Bank by 0.5% during the 2nd quarter. Wells Fargo & Company MN now owns 18,095 shares of the bank’s stock valued at $235,000 after purchasing an additional 89 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Summit State Bank by 2.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 41,760 shares of the bank’s stock valued at $543,000 after purchasing an additional 810 shares in the last quarter. Finally, Banc Funds Co. LLC increased its stake in Summit State Bank by 18.3% during the 2nd quarter. Banc Funds Co. LLC now owns 143,607 shares of the bank’s stock valued at $1,867,000 after purchasing an additional 22,164 shares in the last quarter. Institutional investors and hedge funds own 14.23% of the company’s stock.

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Summit State Bank Company Profile

Summit State Bank is a state-chartered commercial bank operating a traditional community banking business within its primary service area of Sonoma County in California. The Bank operates through approximately five offices located in Santa Rosa, Petaluma, Rohnert Park and Healdsburg. The Bank considers loans from Marin, Napa and San Francisco counties.

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