Thu Sep 26 12:53:15 UTC 2024: ## Short Interest Rises for Summit State Bank as Investor Ups Stake
**Santa Rosa, CA – September 26, 2024** – Summit State Bank (NASDAQ: SSBI) experienced a surge in short interest during September, with the number of shorted shares increasing by 71.1% to 14,200 as of September 15th. This rise in short interest, indicating bets on the stock price declining, comes as institutional investor Salzhauer Michael raised its stake in the bank by 6.9% in the first quarter, according to its latest SEC filing.
Salzhauer Michael now holds 46,197 shares of Summit State Bank, valued at $501,000. Despite the increased short interest, the bank declared a quarterly dividend of $0.04, payable on October 10th to shareholders of record on October 3rd. The dividend, representing an annualized payout of $0.16, translates to a yield of 1.88%.
Summit State Bank, based in Sonoma County, California, provides a range of banking products and services to individuals and businesses. The bank’s stock opened at $8.51 on Thursday, with a 12-month low of $7.78 and a 12-month high of $16.52. The stock’s 50-day simple moving average is $8.92, while the 200-day simple moving average stands at $9.44.
The increase in short interest, combined with the institutional investor’s increased stake, raises questions about the future direction of Summit State Bank’s stock price. Investors will be watching closely to see how the company navigates these market dynamics.
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