Summit Financial Group, Inc. (SMMF) Upgraded to Buy by Zacks Investment Research
Summit Financial Group, Inc. (NASDAQ:SMMF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $25.00 price objective on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.76% from the company’s previous close.
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 cut shares of Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, August 25th.
Summit Financial Group (NASDAQ SMMF) traded up 2.43% during trading on Wednesday, reaching $22.37. 26,739 shares of the company’s stock were exchanged. The company has a market cap of $277.97 million, a P/E ratio of 19.76 and a beta of 1.02. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06. The stock’s 50-day moving average is $21.78 and its 200-day moving average is $21.86.
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In other Summit Financial Group news, Director Gary L. Hinkle bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $21.78 per share, with a total value of $217,800.00. Following the completion of the acquisition, the director now owns 320,978 shares in the company, valued at approximately $6,990,900.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Piccirillo bought 1,407 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was 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. In the last quarter, insiders have bought 16,407 shares of company stock worth $358,218. Company insiders own 22.82% of the company’s stock.
Several hedge funds have recently bought and sold shares of SMMF. Summit Financial Group Inc. purchased a new position in shares of Summit Financial Group in the second quarter valued at $5,402,000. Schwab Charles Investment Management Inc. grew its holdings in shares of 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 valued at $478,000 after purchasing an additional 8,900 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Summit Financial Group in the second quarter valued at $255,000. Bank of New York Mellon Corp grew its holdings 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 valued at $730,000 after purchasing an additional 8,242 shares in the last quarter. Finally, Darrell & King LLC purchased a new position in shares of Summit Financial Group in the second quarter valued at $263,000. 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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