Zacks Investment Research Downgrades Summit Financial Group (SMMF) to Hold

Summit Financial Group (NASDAQ:SMMF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, December 27th.

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. “

SMMF has been the subject of several other reports. Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $25.00 to $26.00 in a research note on Monday, September 25th. BidaskClub lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st.

Shares of Summit Financial Group (NASDAQ:SMMF) opened at $27.29 on Wednesday. The firm has a market cap of $331.04, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 1.35 and a beta of 0.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. Summit Financial Group has a 12-month low of $19.13 and a 12-month high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. The business had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $22.29 million. equities research analysts expect that Summit Financial Group will post 1.95 earnings per share for the current fiscal year.

In related news, Director Dewey F. Bensenhaver sold 2,246 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 54,096 shares of the company’s stock, valued at $1,452,477.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas J. Hawse III sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.29, for a total transaction of $27,290.00. Following the completion of the transaction, the director now directly owns 94,132 shares in the company, valued at approximately $2,568,862.28. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 7,461 shares of company stock worth $194,499 and have sold 31,797 shares worth $859,990. Company insiders own 22.82% of the company’s stock.

A number of large investors have recently modified their holdings of SMMF. Context BH Capital Management LP purchased a new position in Summit Financial Group during the second quarter valued at approximately $2,494,000. State Street Corp lifted its holdings in Summit Financial Group by 25.9% during the second 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 in the last quarter. Northern Trust Corp lifted its holdings in Summit Financial Group by 31.7% during the second 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 in the last quarter. Maltese Capital Management LLC purchased a new position in Summit Financial Group during the third quarter valued at approximately $695,000. Finally, Argent Capital Management LLC purchased a new position in Summit Financial Group during the third quarter valued at approximately $660,000. 22.86% of the stock is currently owned by institutional investors and hedge funds.

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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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