Summit Financial Group, Inc. (SMMF) Given Average Rating of “Hold” by Analysts

Summit Financial Group, Inc. (NASDAQ:SMMF) has earned an average broker rating score of 3.00 (Hold) from the two analysts that cover the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation.

Brokers have set a 1-year consensus price objective of $28.00 for the company and are forecasting that the company will post $0.51 EPS for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 14 out of 265 based on the ratings given to related companies.

A number of research firms recently weighed in on SMMF. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. BidaskClub downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, January 26th.

In related news, VP Julie R. Cook sold 1,213 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $27.00, for a total transaction of $32,751.00. Following the completion of the sale, the vice president now owns 2,816 shares of the company’s stock, valued at $76,032. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dewey F. Bensenhaver sold 2,246 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $26.85, for a total value of $60,305.10. Following the sale, the director now directly owns 54,096 shares of the company’s stock, valued at approximately $1,452,477.60. The disclosure for this sale can be found here. In the last three months, insiders sold 26,806 shares of company stock valued at $709,351. 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 stock. Vanguard Group Inc. grew its stake in Summit Financial Group by 2.8% during the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after purchasing an additional 6,609 shares during the period. State Street Corp boosted its holdings in Summit Financial Group by 25.9% in the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after acquiring an additional 29,866 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings 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 acquiring an additional 8,242 shares in the last quarter. Teachers Advisors LLC boosted its holdings in Summit Financial Group by 43.4% in the second quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock worth $442,000 after acquiring an additional 6,084 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in Summit Financial Group in the second quarter worth approximately $255,000. 22.94% of the stock is owned by institutional investors and hedge funds.

Shares of Summit Financial Group (SMMF) traded down $0.09 during mid-day trading on Friday, reaching $22.79. The company had a trading volume of 10,949 shares, compared to its average volume of 15,283. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $300.44, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 1.41 and a beta of 0.57. Summit Financial Group has a 1 year low of $19.13 and a 1 year high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.01). The company had revenue of $21.37 million for the quarter, compared to analyst estimates of $23.20 million. Summit Financial Group had a return on equity of 11.88% and a net margin of 12.04%. analysts expect that Summit Financial Group will post 2.15 EPS for the current year.

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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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