Short Interest in Summit State Bank (NASDAQ:SSBI) Rises By 81.0%

Summit State Bank (NASDAQ:SSBI) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 34,200 shares, an increase of 81.0% from the September 30th total of 18,900 shares. Based on an average daily trading volume, of 15,600 shares, the days-to-cover ratio is currently 2.2 days. Currently, 0.7% of the company’s shares are short sold.

Summit State Bank Stock Performance

Shares of Summit State Bank stock traded down $0.07 during trading on Friday, hitting $7.94. The stock had a trading volume of 4,768 shares, compared to its average volume of 8,598. The stock has a 50 day simple moving average of $8.18 and a 200 day simple moving average of $9.00. Summit State Bank has a 1 year low of $5.68 and a 1 year high of $14.17.

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

Summit State Bank Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Thursday, October 3rd. Summit State Bank’s dividend payout ratio (DPR) is currently 17.78%.

Hedge Funds Weigh In On Summit State Bank

A hedge fund recently bought a new stake in Summit State Bank stock. Creative Planning bought a new stake in Summit State Bank (NASDAQ:SSBI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,750 shares of the bank’s stock, valued at approximately $116,000.

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.