Zacks: Summit Financial Group, Inc. (NASDAQ:SMMF) Receives Average Recommendation of “Hold” from Brokerages

Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have been given a consensus broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating.

Brokers have set a one year consensus target price of $26.00 for the company and are expecting that the company will post $0.56 earnings per share for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 177 out of 256 based on the ratings given to its competitors.

A number of analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. BidaskClub downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th.

Shares of SMMF stock traded down $0.39 on Friday, hitting $24.87. The stock had a trading volume of 18,100 shares, compared to its average volume of 22,000. The company’s 50 day moving average is $26.28. The company has a market cap of $321.90 million, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.91 and a current ratio of 0.91. Summit Financial Group has a 12-month low of $17.94 and a 12-month high of $27.47.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, July 25th. The bank reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.10. The company had revenue of $26.07 million during the quarter, compared to the consensus estimate of $23.68 million. Summit Financial Group had a net margin of 24.74% and a return on equity of 13.49%. As a group, equities analysts forecast that Summit Financial Group will post 2.2 earnings per share for the current year.

In related news, Director Jason A. Kitzmiller bought 4,088 shares of the company’s stock in a transaction on Friday, June 21st. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $102,200.00. Following the completion of the transaction, the director now directly owns 6,176 shares in the company, valued at approximately $154,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Patrick Frye sold 2,060 shares of Summit Financial Group stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $25.61, for a total transaction of $52,756.60. Following the sale, the vice president now owns 30,965 shares of the company’s stock, valued at $793,013.65. The disclosure for this sale can be found here. Insiders have sold 15,900 shares of company stock valued at $420,128 in the last quarter. Company insiders own 2.62% of the company’s stock.

Several hedge funds have recently made changes to their positions in SMMF. Bowling Portfolio Management LLC purchased a new stake in Summit Financial Group in the 2nd quarter worth approximately $1,046,000. Pacific Ridge Capital Partners LLC lifted its position in Summit Financial Group by 19.5% in the first quarter. Pacific Ridge Capital Partners LLC now owns 176,853 shares of the bank’s stock worth $4,688,000 after buying an additional 28,813 shares during the last quarter. Argent Capital Management LLC lifted its position in Summit Financial Group by 56.1% in the first quarter. Argent Capital Management LLC now owns 69,571 shares of the bank’s stock worth $1,844,000 after buying an additional 25,010 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Summit Financial Group by 19.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 137,168 shares of the bank’s stock worth $2,649,000 after buying an additional 22,786 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new stake in Summit Financial Group in the second quarter worth $434,000. Hedge funds and other institutional investors own 25.81% of the company’s stock.

About Summit Financial Group

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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