Summit Financial Group (NASDAQ:SMMF) Lifted to “Buy” at StockNews.com

Summit Financial Group (NASDAQ:SMMF) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Summit Financial Group Price Performance

NASDAQ SMMF remained flat at $25.70 during trading on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29. The stock has a market cap of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. Summit Financial Group has a twelve month low of $17.06 and a twelve month high of $31.49. The stock’s fifty day simple moving average is $26.22 and its two-hundred day simple moving average is $26.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SMMF. Dimensional Fund Advisors LP grew its position in Summit Financial Group by 77.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock worth $20,358,000 after buying an additional 288,487 shares during the period. Summit Financial Group Inc. lifted its stake in shares of Summit Financial Group by 4.7% during the first quarter. Summit Financial Group Inc. now owns 219,386 shares of the bank’s stock valued at $5,959,000 after buying an additional 9,923 shares during the period. EJF Capital LLC purchased a new position in shares of Summit Financial Group during the third quarter valued at approximately $2,804,000. Axxcess Wealth Management LLC lifted its stake in shares of Summit Financial Group by 3.8% during the fourth quarter. Axxcess Wealth Management LLC now owns 52,849 shares of the bank’s stock valued at $1,622,000 after buying an additional 1,954 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Summit Financial Group during the fourth quarter valued at approximately $870,000. 35.73% of the stock is currently owned by institutional investors and hedge funds.

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.