BidaskClub Upgrades Summit Financial Group (SMMF) to Sell

BidaskClub upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a strong sell rating to a sell rating in a research note published on Tuesday morning.

Several other research firms also recently issued reports on SMMF. ValuEngine downgraded shares of Summit Financial Group from a hold rating to a sell rating in a report on Monday, September 24th. Zacks Investment Research downgraded shares of Summit Financial Group from a buy rating to a hold rating in a report on Thursday, June 28th.

NASDAQ:SMMF opened at $21.96 on Tuesday. Summit Financial Group has a 52-week low of $21.77 and a 52-week high of $28.16. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. The stock has a market cap of $289.47 million, a PE ratio of 11.62, a P/E/G ratio of 1.32 and a beta of 0.65.

Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data on Thursday, July 26th. The bank reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). Summit Financial Group had a return on equity of 12.48% and a net margin of 20.37%. The company had revenue of $21.42 million for the quarter, compared to the consensus estimate of $22.37 million. On average, research analysts expect that Summit Financial Group will post 2.2 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, September 13th. This represents a $0.52 annualized dividend and a dividend yield of 2.37%. Summit Financial Group’s payout ratio is 27.51%.

Several large investors have recently bought and sold shares of SMMF. PNC Financial Services Group Inc. bought a new position in shares of Summit Financial Group during the 2nd quarter worth about $110,000. Zacks Investment Management bought a new stake in Summit Financial Group in the second quarter valued at about $206,000. Prudential Financial Inc. bought a new stake in Summit Financial Group in the first quarter valued at about $324,000. California Public Employees Retirement System increased its stake in Summit Financial Group by 11.2% in the second quarter. California Public Employees Retirement System now owns 22,401 shares of the bank’s stock valued at $601,000 after acquiring an additional 2,254 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in Summit Financial Group by 13.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock valued at $616,000 after acquiring an additional 2,653 shares during the period. Institutional investors own 26.10% of the company’s stock.

Summit Financial Group Company Profile

Summit Financial Group, Inc operates as a financial holding company for Summit Community Bank, Inc that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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