Summit Financial Group (SMMF) Raised to “Sell” at BidaskClub

Summit Financial Group (NASDAQ:SMMF) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Monday.

Separately, Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective on the stock in a research report on Tuesday, October 31st.

Summit Financial Group (SMMF) opened at $24.63 on Monday. Summit Financial Group has a 52-week low of $19.13 and a 52-week high of $28.16. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $306.74, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.44 and a beta of 0.57.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.01). Summit Financial Group had a return on equity of 11.88% and a net margin of 12.04%. The business had revenue of $21.37 million for the quarter, compared to analysts’ expectations of $23.20 million. equities analysts anticipate that Summit Financial Group will post 2.15 earnings per share for the current fiscal year.

In other news, CEO H Charles Maddy III sold 3,800 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $27.25, for a total value of $103,550.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary L. Hinkle bought 3,628 shares of Summit Financial Group stock in a transaction dated Wednesday, February 14th. The stock was purchased at an average price of $23.26 per share, with a total value of $84,387.28. Following the purchase, the director now directly owns 372,227 shares in the company, valued at approximately $8,658,000.02. The disclosure for this purchase can be found here. Insiders sold a total of 26,043 shares of company stock valued at $689,391 in the last 90 days. Company insiders own 22.82% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC acquired a new stake in shares of Summit Financial Group in the 4th quarter worth $150,000. Nationwide Fund Advisors lifted its stake in shares of Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after acquiring an additional 1,328 shares during the period. Stifel Financial Corp acquired a new stake in shares of Summit Financial Group in the 2nd quarter worth $207,000. Chicago Equity Partners LLC acquired a new stake in shares of Summit Financial Group in the 3rd quarter worth $247,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of Summit Financial Group in the 2nd quarter worth $285,000. Institutional investors own 23.90% 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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