Summit State Bank (NASDAQ:SSBI) Short Interest Update

Summit State Bank (NASDAQ:SSBI) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 8,300 shares, a drop of 30.3% from the August 15th total of 11,900 shares. Based on an average daily volume of 8,400 shares, the short-interest ratio is presently 1.0 days. Approximately 0.2% of the company’s shares are sold short.

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 26.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 1.4 %

Shares of SSBI traded up $0.12 during trading hours on Friday, reaching $8.50. 11,183 shares of the company traded hands, compared to its average volume of 6,585. Summit State Bank has a 12 month low of $7.78 and a 12 month high of $16.52. The company’s fifty day moving average price is $9.09 and its two-hundred day moving average price is $9.60.

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

Summit State Bank Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, October 3rd will be issued a $0.04 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.88%. Summit State Bank’s dividend payout ratio (DPR) is 39.67%.

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.