Summit State Bank (NASDAQ:SSBI) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 8,400 shares, a decrease of 30.6% from the September 15th total of 12,100 shares. Based on an average daily trading volume, of 6,200 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.2% of the company’s stock are sold short.
Separately, ValuEngine upgraded shares of Summit State Bank from a “sell” rating to a “hold” rating in a report on Friday, August 2nd.
Several institutional investors and hedge funds have recently made changes to their positions in SSBI. Wedbush Securities Inc. raised its holdings in shares of Summit State Bank by 52.8% in the 3rd quarter. Wedbush Securities Inc. now owns 57,652 shares of the bank’s stock valued at $680,000 after purchasing an additional 19,919 shares in the last quarter. Context BH Capital Management LP raised its holdings in shares of Summit State Bank by 15.4% in the 2nd quarter. Context BH Capital Management LP now owns 135,389 shares of the bank’s stock valued at $1,489,000 after purchasing an additional 18,057 shares in the last quarter. Eidelman Virant Capital acquired a new stake in shares of Summit State Bank in the 2nd quarter valued at $154,000. Finally, Banc Funds Co. LLC raised its holdings in shares of Summit State Bank by 7.4% in the 2nd quarter. Banc Funds Co. LLC now owns 189,707 shares of the bank’s stock valued at $2,087,000 after purchasing an additional 13,000 shares in the last quarter. Institutional investors and hedge funds own 14.67% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.95%.
Summit State Bank Company Profile
Summit State Bank provides various banking products and services to individuals and businesses primarily in Sonoma County, California. It offers personal and business checking, money market, sweep, savings, and demand accounts; time certificates of deposit; and specialized deposit accounts, such as professional, small business packaged, tiered, and Keogh and individual retirement accounts.
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