Summit Financial Group (NASDAQ:SMMF) Rating Lowered to Hold at Zacks Investment Research

Summit Financial Group (NASDAQ:SMMF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, December 27th.

According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “

SMMF has been the topic of several other research reports. BidaskClub downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Sandler O’Neill downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating and lifted their target price for the stock from $25.00 to $26.00 in a report on Monday, September 25th.

Shares of Summit Financial Group (NASDAQ:SMMF) opened at $27.17 on Wednesday. The stock has a market cap of $331.04, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.35 and a beta of 0.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Summit Financial Group has a 52 week low of $19.13 and a 52 week high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $21.23 million for the quarter, compared to the consensus estimate of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. equities research analysts expect that Summit Financial Group will post 1.95 earnings per share for the current fiscal year.

In other Summit Financial Group news, Director Thomas J. Hawse III sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.29, for a total value of $27,290.00. Following the transaction, the director now directly owns 94,132 shares in the company, valued at $2,568,862.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Oscar M. Bean sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.01, for a total transaction of $108,040.00. Following the completion of the transaction, the chairman now owns 89,842 shares in the company, valued at $2,426,632.42. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 7,461 shares of company stock worth $194,499 and have sold 31,797 shares worth $859,990. 22.82% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in SMMF. Nationwide Fund Advisors boosted its position in Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after buying an additional 1,328 shares in the last quarter. Stifel Financial Corp acquired a new position in Summit Financial Group in the second quarter valued at about $207,000. Chicago Equity Partners LLC acquired a new position in Summit Financial Group in the third quarter valued at about $247,000. Rhumbline Advisers acquired a new position in Summit Financial Group in the second quarter valued at about $255,000. Finally, OxFORD Asset Management LLP acquired a new position in Summit Financial Group in the second quarter valued at about $285,000. Hedge funds and other institutional investors own 22.86% of the company’s stock.

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Summit Financial Group Company Profile

Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).

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