Zacks: Summit Financial Group, Inc. (SMMF) Given $24.00 Average Price Target by Brokerages
Summit Financial Group, Inc. (NASDAQ:SMMF) has earned an average broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.
Brokers have set a 1-year consensus price objective of $24.00 for the company and are forecasting that the company will post $0.38 EPS for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 112 out of 265 based on the ratings given to related companies.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, June 22nd. BidaskClub raised shares of Summit Financial Group from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st.
Shares of Summit Financial Group (NASDAQ:SMMF) traded down 1.70% during midday trading on Monday, reaching $22.02. 23,530 shares of the company traded hands. The company’s 50 day moving average is $21.70 and its 200-day moving average is $22.52. The stock has a market capitalization of $270.82 million, a price-to-earnings ratio of 19.47 and a beta of 1.02. Summit Financial Group has a 12 month low of $17.38 and a 12 month high of $30.06.
In other Summit Financial Group news, Director Gary L. Hinkle purchased 10,000 shares of Summit Financial Group stock in a transaction on Tuesday, August 1st. The shares were purchased at an average cost of $21.78 per share, with a total value of $217,800.00. Following the completion of the transaction, the director now directly owns 320,978 shares in the company, valued at approximately $6,990,900.84. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas J. Hawse III sold 3,000 shares of Summit Financial Group stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $22.00, for a total transaction of $66,000.00. Following the transaction, the director now directly owns 95,132 shares in the company, valued at $2,092,904. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 16,407 shares of company stock worth $358,218. 22.82% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of Summit Financial Group by 33.1% in the second quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock worth $730,000 after buying an additional 8,242 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Summit Financial Group by 69.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 21,700 shares of the bank’s stock worth $478,000 after buying an additional 8,900 shares during the last quarter. Rhumbline Advisers purchased a new position in Summit Financial Group during the second quarter worth approximately $255,000. Darrell & King LLC purchased a new position in Summit Financial Group during the second quarter worth approximately $263,000. Finally, Summit Financial Group Inc. purchased a new position in Summit Financial Group during the second quarter worth approximately $5,402,000. 18.02% of the stock is currently owned by hedge funds and other institutional investors.
Summit Financial Group Company Profile
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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