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

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

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. “

Separately, BidaskClub downgraded shares of Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, August 25th.

Summit Financial Group (SMMF) opened at 22.37 on Friday. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06. The company has a market cap of $277.97 million, a PE ratio of 19.76 and a beta of 1.02. The stock has a 50 day moving average of $21.78 and a 200 day moving average of $21.86.

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In related news, Director Charles Piccirillo purchased 1,407 shares of Summit Financial Group stock in a transaction on Friday, June 23rd. The shares were bought at an average cost of $21.69 per share, for a total transaction of $30,517.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gary L. Hinkle purchased 5,000 shares of Summit Financial Group stock in a transaction on Thursday, August 3rd. The stock was bought at an average price of $21.98 per share, for a total transaction of $109,900.00. Following the completion of the acquisition, the director now owns 361,276 shares in the company, valued at approximately $7,940,846.48. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 16,407 shares of company stock worth $358,218. 22.82% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its holdings in Summit Financial Group by 14.9% in the 2nd quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock valued at $424,000 after acquiring an additional 2,500 shares during the last quarter. State Street Corp grew its stake in shares of Summit Financial Group by 25.9% in the 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after buying an additional 29,866 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Summit Financial Group by 0.8% in the 2nd quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock worth $1,741,000 after buying an additional 600 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Summit Financial Group in the 2nd quarter worth $207,000. Finally, OxFORD Asset Management LLP purchased a new position in shares of Summit Financial Group in the 2nd quarter worth $285,000. Institutional investors own 21.40% of the company’s stock.

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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