Summit Financial Group (SMMF) Downgraded by Zacks Investment Research to “Hold”

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.

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. “

A number of other research analysts have also issued reports on SMMF. BidaskClub lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and raised their price target for the stock from $25.00 to $26.00 in a research report on Monday, September 25th.

Summit Financial Group (SMMF) opened at $26.35 on Wednesday. Summit Financial Group has a 12 month low of $19.13 and a 12 month high of $28.16. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market cap of $324.75, a price-to-earnings ratio of 21.96, a P/E/G ratio of 1.34 and a beta of 0.96.

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

In other Summit Financial Group news, Chairman Oscar M. Bean sold 4,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.01, for a total value of $108,040.00. Following the sale, the chairman now directly owns 89,842 shares in the company, valued at approximately $2,426,632.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Hawse III sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.29, for a total transaction of $27,290.00. Following the completion of the sale, the director now owns 94,132 shares in the company, valued at $2,568,862.28. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 7,461 shares of company stock worth $194,499 and sold 30,847 shares worth $835,157. Company insiders own 22.82% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. HighTower Advisors LLC boosted its position in shares of Summit Financial Group by 0.8% during the 2nd quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock valued at $1,741,000 after acquiring an additional 600 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after acquiring an additional 1,328 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Summit Financial Group by 7.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 27,789 shares of the bank’s stock valued at $611,000 after acquiring an additional 1,841 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Summit Financial Group by 14.9% during the 2nd quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock valued at $424,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Summit Financial Group by 37.9% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 22.86% of the company’s stock.

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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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