Summit Financial Group (SMMF) Lowered to Hold at ValuEngine

ValuEngine cut shares of Summit Financial Group (NASDAQ:SMMF) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

SMMF has been the subject of several other reports. Zacks Investment Research raised shares of Summit Financial Group from a hold rating to a strong-buy rating and set a $29.00 target price for the company in a research note on Tuesday. BidaskClub raised shares of Summit Financial Group from a sell rating to a hold rating in a research note on Thursday, April 19th.

SMMF stock traded up $0.41 on Wednesday, hitting $25.85. 9,170 shares of the company’s stock traded hands, compared to its average volume of 15,132. Summit Financial Group has a 1-year low of $20.93 and a 1-year high of $28.16. The firm has a market cap of $317.12, a PE ratio of 13.68, a P/E/G ratio of 1.41 and a beta of 0.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, April 26th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.53 by $0.07. Summit Financial Group had a net margin of 19.70% and a return on equity of 12.35%. The business had revenue of $22.13 million during the quarter, compared to analyst estimates of $21.60 million. sell-side analysts expect that Summit Financial Group will post 2.25 earnings per share for the current year.

In other news, Director Gary L. Hinkle purchased 3,628 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average price of $23.26 per share, for a total transaction of $84,387.28. Following the completion of the acquisition, the director now directly owns 372,227 shares of the company’s stock, valued at $8,658,000.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Piccirillo purchased 1,000 shares of the business’s stock in a transaction dated Friday, May 4th. The shares were purchased at an average price of $25.69 per share, for a total transaction of $25,690.00. Following the acquisition, the director now directly owns 33,498 shares of the company’s stock, valued at $860,563.62. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 4,668 shares of company stock valued at $111,103. Company insiders own 22.82% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SMMF. Bank of New York Mellon Corp raised its holdings in shares of Summit Financial Group by 14.7% during the third quarter. Bank of New York Mellon Corp now owns 38,052 shares of the bank’s stock valued at $976,000 after acquiring an additional 4,890 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Summit Financial Group by 37.9% during the third quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after acquiring an additional 4,161 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Summit Financial Group by 32.4% during the third quarter. Dimensional Fund Advisors LP now owns 35,578 shares of the bank’s stock valued at $913,000 after acquiring an additional 8,712 shares during the period. First Trust Advisors LP acquired a new stake in shares of Summit Financial Group during the fourth quarter valued at approximately $394,000. Finally, BlackRock Inc. raised its holdings in shares of Summit Financial Group by 1.7% during the fourth quarter. BlackRock Inc. now owns 510,827 shares of the bank’s stock valued at $13,444,000 after acquiring an additional 8,712 shares during the period. Institutional investors and hedge funds own 25.06% of the company’s stock.

Summit Financial Group Company Profile

Summit Financial Group, Inc operates as a financial holding company for Summit Community Bank, Inc that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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