Summit State Bank (SSBI) Upgraded to “Buy” at ValuEngine

ValuEngine upgraded shares of Summit State Bank (NASDAQ:SSBI) from a hold rating to a buy rating in a research note released on Saturday.

Separately, TheStreet raised Summit State Bank from a c+ rating to a b rating in a report on Wednesday, February 14th.

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NASDAQ:SSBI opened at $15.97 on Friday. The company has a market cap of $94.70 million, a P/E ratio of 21.58 and a beta of 0.40. Summit State Bank has a 1-year low of $11.65 and a 1-year high of $16.00.

Summit State Bank (NASDAQ:SSBI) last released its quarterly earnings results on Tuesday, April 24th. The bank reported $0.29 earnings per share for the quarter. The firm had revenue of $6.08 million for the quarter.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 24th. Investors of record on Friday, May 18th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, May 17th. This represents a $0.48 annualized dividend and a yield of 3.01%.

Large investors have recently added to or reduced their stakes in the stock. Kennedy Capital Management Inc. lifted its holdings in Summit State Bank by 25.4% during the 4th quarter. Kennedy Capital Management Inc. now owns 249,278 shares of the bank’s stock worth $3,141,000 after purchasing an additional 50,505 shares during the last quarter. Banc Funds Co. LLC lifted its holdings in Summit State Bank by 10.7% during the 4th quarter. Banc Funds Co. LLC now owns 159,007 shares of the bank’s stock worth $2,003,000 after purchasing an additional 15,400 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Summit State Bank by 19.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 51,391 shares of the bank’s stock worth $689,000 after purchasing an additional 8,331 shares during the last quarter. 14.83% of the stock is owned by institutional investors and hedge funds.

Summit State Bank Company Profile

Summit State Bank provides various banking products services to individuals, small-to medium-sized businesses, professionals and professional associations, entrepreneurs, high net worth families, foundations, and estates 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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