Summit Financial Group, Inc. (NASDAQ:SMMF) has been given an average broker rating score of 3.00 (Hold) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.
Brokers have set a one year consensus price objective of $28.00 for the company and are forecasting that the company will post $0.53 EPS for the current quarter, according to Zacks. Zacks has also assigned Summit Financial Group an industry rank of 219 out of 265 based on the ratings given to its competitors.
Several brokerages have recently weighed in on SMMF. Zacks Investment Research lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub upgraded shares of Summit Financial Group from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and upped their target price for the stock from $25.00 to $26.00 in a report on Monday, September 25th.
Summit Financial Group (NASDAQ:SMMF) opened at $27.31 on Monday. Summit Financial Group has a fifty-two week low of $19.13 and a fifty-two week high of $30.06. The firm has a market cap of $339.42, a PE ratio of 15.34, a PEG ratio of 1.40 and a beta of 1.00. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.
Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. Summit Financial Group had a net margin of 15.35% and a return on equity of 12.27%. The firm had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. sell-side analysts forecast that Summit Financial Group will post 1.95 EPS for the current fiscal year.
In other Summit Financial Group news, Director Thomas J. Hawse III sold 1,000 shares of the company’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 completion of the sale, the director now directly owns 94,132 shares of the company’s stock, valued at approximately $2,568,862.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Oscar M. Bean sold 4,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.01, for a total transaction of $108,040.00. Following the completion of the sale, the chairman now directly owns 89,842 shares of the company’s stock, valued at $2,426,632.42. The disclosure for this sale can be found here. Insiders sold a total of 8,125 shares of company stock worth $211,330 in the last 90 days. 22.82% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Nationwide Fund Advisors grew its position in 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 purchasing an additional 1,328 shares in the last quarter. Stifel Financial Corp bought a new stake in Summit Financial Group in the 2nd quarter worth about $207,000. Chicago Equity Partners LLC bought a new stake in Summit Financial Group in the 3rd quarter worth about $247,000. Rhumbline Advisers bought a new stake in Summit Financial Group in the 2nd quarter worth about $255,000. Finally, Darrell & King LLC bought a new stake in Summit Financial Group in the 2nd quarter worth about $263,000. 20.89% of the stock is owned by institutional investors and hedge funds.
About Summit Financial Group
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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