Summit Financial Group (SMMF) Downgraded by Zacks Investment Research

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. “

A number of other analysts also recently commented on the company. BidaskClub downgraded Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Sandler O’Neill downgraded Summit Financial Group from a “buy” rating to a “hold” rating and upped their price objective for the stock from $25.00 to $26.00 in a report on Monday, September 25th.

Shares of Summit Financial Group (NASDAQ SMMF) opened at $27.29 on Wednesday. The company has a market capitalization of $337.68, a price-to-earnings ratio of 22.74, a PEG ratio of 1.36 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 twelve month low of $19.13 and a twelve month high of $28.16.

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 analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $21.23 million during the quarter, compared to the consensus estimate of $22.29 million. Summit Financial Group had a return on equity of 11.72% and a net margin of 15.35%. research analysts predict that Summit Financial Group will post 1.95 earnings per share for the current year.

In related news, Director Dewey F. Bensenhaver sold 2,246 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $26.85, for a total value of $60,305.10. Following the completion of the sale, the director now directly owns 54,096 shares in the company, valued at approximately $1,452,477.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Oscar M. Bean sold 4,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.01, for a total value of $108,040.00. Following the completion of the sale, the chairman now owns 89,842 shares of the company’s stock, valued at $2,426,632.42. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 7,461 shares of company stock valued at $194,499 and sold 31,797 shares valued at $859,990. 22.82% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Nationwide Fund Advisors boosted its position in Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after buying an additional 1,328 shares during the last quarter. Stifel Financial Corp purchased a new position in Summit Financial Group in the 2nd quarter valued at about $207,000. Chicago Equity Partners LLC purchased a new position in Summit Financial Group in the 3rd quarter valued at about $247,000. Rhumbline Advisers purchased a new position in Summit Financial Group in the 2nd quarter valued at about $255,000. Finally, OxFORD Asset Management LLP purchased a new position in Summit Financial Group in the 2nd quarter valued at about $285,000. 22.86% of the stock is owned by institutional investors.

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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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