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

Research analysts at StockNews.com initiated coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a report released on Monday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Stock Down 0.8 %

SMMF stock opened at $25.12 on Monday. Summit Financial Group has a 52 week low of $17.06 and a 52 week high of $31.49. The company has a market capitalization of $368.86 million, a price-to-earnings ratio of 6.58 and a beta of 0.38. The firm’s 50-day moving average is $26.45 and its two-hundred day moving average is $25.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $72.32 million for the quarter. On average, analysts forecast that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SMMF. FMR LLC grew its position in Summit Financial Group by 234.2% during the first quarter. FMR LLC now owns 1,741 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,220 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Summit Financial Group by 430.3% during the third quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,057 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in Summit Financial Group during the second quarter valued at approximately $63,000. Lazard Asset Management LLC grew its position in Summit Financial Group by 56.0% during the fourth quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock valued at $66,000 after purchasing an additional 964 shares in the last quarter. Finally, Citigroup Inc. grew its position in Summit Financial Group by 334,500.0% during the second quarter. Citigroup Inc. now owns 3,346 shares of the bank’s stock valued at $69,000 after purchasing an additional 3,345 shares in the last quarter. 35.73% of the stock is owned by hedge funds and other 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.