Summit Financial Group, Inc. (NASDAQ:SMMF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

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. “

Separately, BidaskClub lowered shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th.

Summit Financial Group (SMMF) opened at 21.84 on Friday. Summit Financial Group has a 1-year low of $18.05 and a 1-year high of $30.06. The stock has a 50 day moving average of $21.75 and a 200 day moving average of $21.85. The stock has a market cap of $271.38 million, a P/E ratio of 19.29 and a beta of 1.02.

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In other news, Director Thomas J. Hawse III sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $22.00, for a total transaction of $66,000.00. Following the completion of the sale, the director now owns 95,132 shares of the company’s stock, valued at approximately $2,092,904. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles Piccirillo purchased 1,407 shares of Summit Financial Group stock in a transaction dated Friday, June 23rd. The shares were acquired at an average cost of $21.69 per share, with a total value of $30,517.83. The disclosure for this purchase can be found here. Insiders have bought a total of 16,407 shares of company stock valued at $358,218 in the last ninety days. Insiders own 22.82% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased 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 purchasing an additional 1,328 shares during the last quarter. Stifel Financial Corp purchased a new stake in shares of Summit Financial Group during the 2nd quarter valued at about $207,000. Rhumbline Advisers purchased a new stake in shares of Summit Financial Group during the 2nd quarter valued at about $255,000. Darrell & King LLC purchased a new stake in shares of Summit Financial Group during the 2nd quarter valued at about $263,000. Finally, OxFORD Asset Management LLP purchased a new stake in shares of Summit Financial Group during the 2nd quarter valued at about $285,000. 21.40% of the stock is owned by hedge funds and other institutional investors.

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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