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

Summit State Bank (NASDAQ:SSBI) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totalling 14,200 shares, a growth of 71.1% from the August 31st total of 8,300 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 9,100 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On Summit State Bank

A hedge fund recently raised its stake in Summit State Bank stock. Salzhauer Michael raised its holdings in shares of Summit State Bank (NASDAQ:SSBI) by 26.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,452 shares of the bank’s stock after acquiring an additional 12,255 shares during the quarter. Salzhauer Michael’s holdings in Summit State Bank were worth $552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Summit State Bank Trading Up 0.6 %

Shares of NASDAQ SSBI traded up $0.05 during mid-day trading on Friday, hitting $8.74. 8,973 shares of the stock traded hands, compared to its average volume of 6,731. Summit State Bank has a 52 week low of $7.78 and a 52 week high of $16.52. The stock has a fifty day moving average price of $8.88 and a 200-day moving average price of $9.44.

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

Summit State Bank Cuts Dividend

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

Summit State Bank Company Profile

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.