Summit Financial Group, Inc. (SMMF) Given Average Rating of “Hold” by Brokerages
Summit Financial Group, Inc. (NASDAQ:SMMF) has been assigned an average broker rating score of 3.00 (Hold) from the two brokers that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.
Analysts have set a 12-month consensus target price of $28.00 for the company and are forecasting that the company will post $0.53 earnings per share for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 216 out of 265 based on the ratings given to its competitors.
Several brokerages have weighed in on SMMF. Zacks Investment Research cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub raised shares of Summit Financial Group from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Sandler O’Neill cut shares of Summit Financial Group from a “buy” rating to a “hold” rating and upped their price objective for the stock from $25.00 to $26.00 in a research note on Monday, September 25th.
Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $21.23 million for the quarter, compared to analysts’ expectations of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. equities analysts expect that Summit Financial Group will post 1.95 EPS for the current year.
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In other news, Director Thomas J. Hawse III sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $27.29, for a total transaction of $27,290.00. Following the transaction, the director now directly owns 94,132 shares in the company, valued at $2,568,862.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Duke A. Mcdaniel sold 3,125 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $24.32, for a total transaction of $76,000.00. Following the transaction, the director now owns 28,109 shares in the company, valued at $683,610.88. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 7,461 shares of company stock worth $194,499 and have sold 12,005 shares worth $318,030. 22.82% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Nationwide Fund Advisors lifted its position in shares of Summit Financial Group by 28.5% during the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after purchasing an additional 1,328 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Summit Financial Group during the second quarter worth approximately $207,000. Chicago Equity Partners LLC acquired a new position in shares of Summit Financial Group during the third quarter worth approximately $247,000. Rhumbline Advisers acquired a new position in shares of Summit Financial Group during the second quarter worth approximately $255,000. Finally, Darrell & King LLC acquired a new position in Summit Financial Group in the second quarter valued at approximately $263,000. Institutional investors own 22.22% 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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