Summit State Bank (NASDAQ:SSBI) Announces Quarterly Earnings Results

Summit State Bank (NASDAQ:SSBI) announced its quarterly earnings data on Tuesday. The bank reported ($0.19) earnings per share for the quarter, Zacks reports. The business had revenue of $10.27 million during the quarter.

Summit State Bank Price Performance

Shares of NASDAQ:SSBI opened at $12.68 on Thursday. Summit State Bank has a 1 year low of $10.35 and a 1 year high of $14.00. The company has a market cap of $85.94 million, a PE ratio of 37.28 and a beta of 0.18. The stock’s 50-day moving average is $13.49 and its 200 day moving average is $13.44.

Hedge Funds Weigh In On Summit State Bank

Hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. bought a new position in shares of Summit State Bank during the third quarter valued at approximately $1,126,000. Susquehanna International Group LLP bought a new stake in Summit State Bank in the third quarter valued at $166,000. Wealthspire Advisors LLC purchased a new position in Summit State Bank during the 4th quarter valued at $145,000. Finally, Renaissance Technologies LLC purchased a new position in Summit State Bank during the 4th quarter valued at $144,000.

Wall Street Analysts Forecast Growth

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

Summit State Bank Company Profile

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.