Summit Financial Group, Inc. (SMMF) Upgraded to “Strong-Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning. The brokerage currently has $32.00 price target on the bank’s stock.

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 equities analysts have also weighed in on the company. Sandler O’Neill lowered Summit Financial Group from a buy rating to a hold rating and raised their target price for the company from $25.00 to $26.00 in a report on Monday, September 25th. BidaskClub lowered Summit Financial Group from a hold rating to a sell rating in a report on Friday, August 25th.

Shares of Summit Financial Group (NASDAQ:SMMF) remained flat at $27.20 during midday trading on Tuesday. The stock had a trading volume of 10,064 shares. The company has a market capitalization of $337.99 million, a price-to-earnings ratio of 24.03 and a beta of 1.00. The company has a 50-day moving average of $26.14 and a 200-day moving average of $22.99. Summit Financial Group has a 1-year low of $19.13 and a 1-year high of $30.06.

Summit Financial Group (NASDAQ:SMMF) last posted its 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 return on equity of 12.27% and a net margin of 15.35%. The company had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. 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 Gary L. Hinkle purchased 5,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were bought at an average cost of $21.98 per share, with a total value of $109,900.00. Following the completion of the transaction, the director now owns 361,276 shares in the company, valued at approximately $7,940,846.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Duke A. Mcdaniel sold 3,125 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 28,109 shares in the company, valued at $683,610.88. The disclosure for this sale can be found here. Company insiders own 22.82% of the company’s stock.

Several large investors have recently modified their holdings of the company. Chicago Equity Partners LLC acquired a new stake in shares of Summit Financial Group in the third quarter valued at about $247,000. California State Teachers Retirement System grew its position in shares of Summit Financial Group by 14.9% in the second quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock valued at $424,000 after purchasing an additional 2,500 shares during the last quarter. State Street Corp grew its position in shares of Summit Financial Group by 25.9% in 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 during the last quarter. HighTower Advisors LLC grew its position in shares of Summit Financial Group by 0.8% in the second quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock valued at $1,741,000 after purchasing an additional 600 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Summit Financial Group in the second quarter valued at about $207,000. 20.70% of the stock is currently owned by 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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