Summit State Bank (NASDAQ:SSBI) Short Interest Down 36.1% in September

Summit State Bank (NASDAQ:SSBI) was the recipient of a significant decline in short interest in the month of September. As of September 30th, there was short interest totaling 5,300 shares, a decline of 36.1% from the September 15th total of 8,300 shares. Based on an average trading volume of 9,400 shares, the short-interest ratio is presently 0.6 days. Approximately 0.1% of the company’s shares are short sold. Approximately 0.1% of the company’s shares are short sold. Based on an average trading volume of 9,400 shares, the short-interest ratio is presently 0.6 days.

Institutional Investors Weigh In On Summit State Bank

A hedge fund recently raised its stake in Summit State Bank stock. M3F Inc. boosted its holdings in Summit State Bank (NASDAQ:SSBI) by 17.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 352,850 shares of the bank’s stock after purchasing an additional 51,417 shares during the period. Summit State Bank comprises 1.1% of M3F Inc.’s portfolio, making the stock its 22nd largest position. M3F Inc. owned 5.20% of Summit State Bank worth $3,825,000 as of its most recent SEC filing.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Summit State Bank in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Summit State Bank Price Performance

Shares of NASDAQ SSBI opened at $11.85 on Wednesday. Summit State Bank has a 1-year low of $6.14 and a 1-year high of $12.60. The business has a 50-day moving average of $11.87 and a 200-day moving average of $10.69. The company has a market capitalization of $80.32 million, a price-to-earnings ratio of -74.04 and a beta of 0.21.

Summit State Bank (NASDAQ:SSBI) last issued its earnings results 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.

About Summit State Bank

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.