Summit Financial Group, Inc. (SMMF) Rating Increased to Strong-Buy at Zacks Investment Research
Summit Financial Group, Inc. (NASDAQ:SMMF) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage presently has a $32.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.53% from the stock’s previous close.
According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “
Several other research analysts also recently commented on the stock. Sandler O’Neill downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $25.00 to $26.00 in a report on Monday, September 25th. BidaskClub downgraded shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th.
Summit Financial Group (NASDAQ SMMF) opened at 27.91 on Tuesday. The firm’s 50-day moving average is $26.01 and its 200 day moving average is $22.96. The firm has a market capitalization of $346.81 million, a P/E ratio of 24.66 and a beta of 0.99. Summit Financial Group has a 12 month low of $19.09 and a 12 month high of $30.06.
Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The company had revenue of $21.23 million during the quarter, compared to the consensus estimate of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 12.27%. On average, analysts expect that Summit Financial Group will post $1.86 EPS for the current fiscal year.
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In other Summit Financial Group news, Director Duke A. Mcdaniel sold 3,125 shares of the firm’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $24.32, for a total value of $76,000.00. Following the completion of the transaction, the director now directly owns 28,109 shares of the company’s stock, valued at approximately $683,610.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary L. Hinkle purchased 5,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was purchased at an average cost of $21.98 per share, with a total value of $109,900.00. Following the completion of the acquisition, the director now owns 361,276 shares in the company, valued at $7,940,846.48. The disclosure for this purchase can be found here. 22.82% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the business. Summit Financial Group Inc. bought a new position in Summit Financial Group in the 2nd quarter valued at $5,402,000. Vanguard Group Inc. boosted its holdings in Summit Financial Group by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock valued at $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 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock valued at $3,198,000 after purchasing an additional 29,866 shares during the period. Northern Trust Corp boosted its holdings in Summit Financial Group by 31.7% in the 2nd quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock valued at $2,520,000 after purchasing an additional 27,551 shares during the period. Finally, Context BH Capital Management LP bought a new position in Summit Financial Group in the 2nd quarter valued at $2,494,000. 20.70% of the stock is owned by hedge funds and other institutional investors.
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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