Summit State Bank (NASDAQ:SSBI) Sees Significant Increase in Short Interest

Summit State Bank (NASDAQ:SSBI) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 67,600 shares, an increase of 22.5% from the February 28th total of 55,200 shares. Based on an average daily volume of 21,400 shares, the days-to-cover ratio is presently 3.2 days. Currently, 1.4% of the company’s stock are short sold.

Hedge Funds Weigh In On Summit State Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Salzhauer Michael grew its stake in shares of Summit State Bank by 30.1% in the 4th quarter. Salzhauer Michael now owns 102,046 shares of the bank’s stock worth $781,000 after buying an additional 23,594 shares during the last quarter. Northern Trust Corp grew its stake in shares of Summit State Bank by 46.7% in the fourth quarter. Northern Trust Corp now owns 16,662 shares of the bank’s stock worth $127,000 after acquiring an additional 5,306 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Summit State Bank by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 53,004 shares of the bank’s stock valued at $405,000 after acquiring an additional 3,245 shares in the last quarter. Two Sigma Securities LLC purchased a new position in shares of Summit State Bank in the 4th quarter worth about $89,000. Finally, M3F Inc. bought a new position in Summit State Bank in the 4th quarter worth about $2,295,000.

Summit State Bank Stock Down 0.7 %

NASDAQ SSBI opened at $9.12 on Thursday. The stock’s 50 day moving average is $8.17 and its 200 day moving average is $7.72. The firm has a market capitalization of $61.81 million, a PE ratio of -16.89 and a beta of 0.61. Summit State Bank has a twelve month low of $5.68 and a twelve month high of $10.93.

Summit State Bank (NASDAQ:SSBI) last released its earnings results on Tuesday, January 28th. The bank reported ($0.37) earnings per share for 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.