Summit Financial Group, Inc. (NASDAQ:SMMF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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 upgraded 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 up 0.35% during trading on Friday, hitting $23.15. The stock had a trading volume of 76,855 shares. Summit Financial Group has a one year low of $18.05 and a one year high of $30.06. The firm has a market cap of $287.66 million, a P/E ratio of 20.45 and a beta of 1.02. The firm’s 50-day moving average is $22.01 and its 200-day moving average is $21.81.

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In other news, Director Gary L. Hinkle bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $21.78 per share, for a total transaction of $217,800.00. Following the completion of the transaction, the director now directly owns 320,978 shares of the company’s stock, valued at approximately $6,990,900.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary L. Hinkle bought 5,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was purchased at an average price of $21.98 per share, with a total value of $109,900.00. Following the completion of the transaction, the director now directly owns 361,276 shares of the company’s stock, valued at $7,940,846.48. The disclosure for this purchase can be found here. Insiders acquired 16,407 shares of company stock valued at $358,218 over the last 90 days. 22.82% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMMF. Summit Financial Group Inc. acquired a new stake in Summit Financial Group in the second quarter worth approximately $5,402,000. Schwab Charles Investment Management Inc. lifted 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 purchasing an additional 8,900 shares during the period. Rhumbline Advisers acquired a new stake in Summit Financial Group in the second quarter worth approximately $255,000. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 8,242 shares during the period. Finally, Darrell & King LLC acquired a new stake in Summit Financial Group in the second quarter worth approximately $263,000. Hedge funds and other institutional investors own 21.40% of the company’s stock.

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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