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

Summit State Bank (NASDAQ:SSBI) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 14,200 shares, an increase of 71.1% from the August 31st total of 8,300 shares. Based on an average daily trading volume, of 9,100 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.3% of the shares of the stock are sold short.

Summit State Bank Price Performance

NASDAQ SSBI traded up $0.05 during trading on Friday, reaching $8.74. The company’s stock had a trading volume of 8,973 shares, compared to its average volume of 6,731. The firm has a fifty day moving average of $8.85 and a 200 day moving average of $9.42. Summit State Bank has a one year low of $7.78 and a one year high of $16.52.

Summit State Bank (NASDAQ:SSBI) last posted its quarterly earnings data on Wednesday, July 31st. The bank reported $0.14 earnings per share for the quarter. The company had revenue of $7.90 million during the quarter.

Summit State Bank Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, October 3rd will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Thursday, October 3rd. Summit State Bank’s payout ratio is 39.67%.

Hedge Funds Weigh In On Summit State Bank

A hedge fund recently raised its stake in Summit State Bank stock. Salzhauer Michael increased its holdings in Summit State Bank (NASDAQ:SSBI) by 6.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,197 shares of the bank’s stock after purchasing an additional 3,000 shares during the period. Salzhauer Michael’s holdings in Summit State Bank were worth $501,000 as of its most recent SEC filing.

About Summit State Bank

Summit State Bank provides various banking products and services to individuals and businesses 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 retirement plan accounts.