Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have received a consensus broker rating score of 3.00 (Hold) from the two analysts that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation.
Brokers have set a 12-month consensus price objective of $28.00 for the company and are anticipating that the company will post $0.51 EPS for the current quarter, according to Zacks. Zacks has also assigned Summit Financial Group an industry rank of 14 out of 265 based on the ratings given to related companies.
A number of analysts have commented on SMMF shares. Zacks Investment Research cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. BidaskClub cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st.
Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The business had revenue of $21.37 million during the quarter, compared to the consensus estimate of $23.20 million. Summit Financial Group had a net margin of 12.04% and a return on equity of 11.88%. equities analysts forecast that Summit Financial Group will post 2.15 EPS for the current year.
In other Summit Financial Group news, Director Dewey F. Bensenhaver sold 2,246 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $26.85, for a total value of $60,305.10. Following the completion of the sale, the director now owns 54,096 shares in the company, valued at $1,452,477.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Patrick Frye sold 3,680 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $27.50, for a total transaction of $101,200.00. Following the completion of the sale, the vice president now owns 33,048 shares of the company’s stock, valued at approximately $908,820. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,917 shares of company stock valued at $617,960. Corporate insiders own 22.82% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SMMF. Vanguard Group Inc. lifted its stake in shares of Summit Financial Group by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after buying an additional 6,609 shares during the last quarter. State Street Corp lifted its stake in shares of Summit Financial Group by 25.9% during the 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after buying an additional 29,866 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Summit Financial Group by 33.1% during the 2nd 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 last quarter. Teachers Advisors LLC lifted its stake in shares of Summit Financial Group by 43.4% during the 2nd quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock worth $442,000 after buying an additional 6,084 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Summit Financial Group during the 2nd quarter worth about $255,000. Hedge funds and other institutional investors own 22.81% of the company’s stock.
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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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