StockNews.com Begins Coverage on Summit Financial Group (NASDAQ:SMMF)

Equities research analysts at StockNews.com began coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research note issued to investors on Tuesday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Price Performance

SMMF stock opened at $27.35 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. Summit Financial Group has a 12 month low of $17.06 and a 12 month high of $31.49. The firm has a market cap of $401.50 million, a P/E ratio of 7.16 and a beta of 0.38. The company’s 50-day moving average price is $26.25 and its two-hundred day moving average price is $25.96.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. Summit Financial Group had a net margin of 20.97% and a return on equity of 13.99%. The firm had revenue of $72.32 million for the quarter. On average, analysts anticipate that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. acquired a new stake in Summit Financial Group during the 4th quarter worth approximately $870,000. SG Americas Securities LLC boosted its position in Summit Financial Group by 24.0% during the 4th quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock worth $187,000 after buying an additional 1,180 shares during the period. EJF Capital LLC acquired a new stake in Summit Financial Group during the 3rd quarter worth approximately $2,804,000. Axxcess Wealth Management LLC boosted its position in Summit Financial Group by 0.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock worth $1,147,000 after buying an additional 450 shares during the period. Finally, Burney Co. acquired a new stake in Summit Financial Group during the 3rd quarter worth approximately $215,000. 35.73% of the stock is owned by institutional investors.

About Summit Financial Group

Summit Financial Group, Inc operates as a financial holding company for Summit Community Bank, Inc that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.