TheStreet Upgrades Summit State Bank (SSBI) to B

Summit State Bank (NASDAQ:SSBI) was upgraded by research analysts at TheStreet from a “c+” rating to a “b” rating in a research report issued to clients and investors on Wednesday.

Summit State Bank (NASDAQ:SSBI) traded up $0.15 during mid-day trading on Wednesday, hitting $13.35. 15,800 shares of the stock were exchanged, compared to its average volume of 9,519. Summit State Bank has a twelve month low of $11.65 and a twelve month high of $14.50. The firm has a market capitalization of $78.29, a price-to-earnings ratio of 24.00 and a beta of 0.44.

Summit State Bank (NASDAQ:SSBI) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.13 earnings per share (EPS) for the quarter. The firm had revenue of $5.76 million for the quarter.

Several hedge funds have recently added to or reduced their stakes in SSBI. Kennedy Capital Management Inc. raised its holdings in shares of Summit State Bank by 25.4% during the fourth quarter. Kennedy Capital Management Inc. now owns 249,278 shares of the bank’s stock valued at $3,141,000 after acquiring an additional 50,505 shares during the period. Banc Funds Co. LLC raised its holdings in shares of Summit State Bank by 10.7% during the fourth quarter. Banc Funds Co. LLC now owns 159,007 shares of the bank’s stock valued at $2,003,000 after acquiring an additional 15,400 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Summit State Bank by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 41,760 shares of the bank’s stock valued at $543,000 after acquiring an additional 810 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Summit State Bank by 0.5% during the second quarter. Wells Fargo & Company MN now owns 18,095 shares of the bank’s stock valued at $235,000 after acquiring an additional 89 shares during the period. Institutional investors and hedge funds own 14.24% of the company’s stock.

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About Summit State Bank

Summit State Bank is a state-chartered commercial bank operating a traditional community banking business within its primary service area of Sonoma County in California. The Bank operates through approximately five offices located in Santa Rosa, Petaluma, Rohnert Park and Healdsburg. The Bank considers loans from Marin, Napa and San Francisco counties.

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