Short Interest in Summit State Bank (NASDAQ:SSBI) Rises By 19.5%

Summit State Bank (NASDAQ:SSBI - Get Free Report) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 55,200 shares, an increase of 19.5% from the February 13th total of 46,200 shares. Currently, 1.1% of the company's stock are short sold. Based on an average daily trading volume, of 20,700 shares, the days-to-cover ratio is presently 2.7 days.

Summit State Bank Price Performance

SSBI traded up $0.67 during midday trading on Friday, hitting $9.94. 15,297 shares of the company's stock traded hands, compared to its average volume of 14,208. The company has a market cap of $67.36 million, a PE ratio of -18.41 and a beta of 0.61. The stock's fifty day simple moving average is $7.87 and its 200-day simple moving average is $7.67. Summit State Bank has a one year low of $5.68 and a one year high of $11.25.

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

Hedge Funds Weigh In On Summit State Bank

Institutional investors have recently made changes to their positions in the business. Two Sigma Securities LLC acquired a new stake in Summit State Bank in the 4th quarter valued at approximately $89,000. Northern Trust Corp boosted its position 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 valued at $127,000 after acquiring an additional 5,306 shares during the period. Geode Capital Management LLC grew its stake in shares of Summit State Bank by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 53,004 shares of the bank's stock worth $405,000 after acquiring an additional 3,245 shares during the last quarter. Salzhauer Michael increased its position in Summit State Bank by 30.1% during the fourth quarter. Salzhauer Michael now owns 102,046 shares of the bank's stock worth $781,000 after acquiring an additional 23,594 shares during the period. Finally, M3F Inc. acquired a new position in Summit State Bank during the 4th quarter valued at $2,295,000.

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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.