Summit Financial Group (NASDAQ:SMMF) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Summit Financial Group (NASDAQ:SMMFGet Free Report) in a report released on Sunday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Trading Up 5.3 %

Shares of SMMF opened at $28.47 on Friday. The company’s fifty day moving average is $28.63 and its 200 day moving average is $25.06. Summit Financial Group has a fifty-two week low of $17.06 and a fifty-two week high of $31.49. The stock has a market capitalization of $417.94 million, a PE ratio of 7.45 and a beta of 0.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.90 and a current ratio of 0.90.

Summit Financial Group (NASDAQ:SMMFGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $1.10 by $0.01. The company had revenue of $72.32 million for the quarter. Summit Financial Group had a net margin of 20.97% and a return on equity of 14.35%. Sell-side analysts expect that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Summit Financial Group by 9.8% during the 2nd quarter. BlackRock Inc. now owns 811,093 shares of the bank’s stock worth $16,757,000 after acquiring an additional 72,478 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Summit Financial Group by 77.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock worth $20,358,000 after acquiring an additional 288,487 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Summit Financial Group by 2.2% during the 1st quarter. Renaissance Technologies LLC now owns 236,735 shares of the bank’s stock worth $6,058,000 after acquiring an additional 5,002 shares in the last quarter. Geode Capital Management LLC grew its holdings in Summit Financial Group by 9.3% during the 2nd quarter. Geode Capital Management LLC now owns 226,549 shares of the bank’s stock worth $4,681,000 after acquiring an additional 19,289 shares in the last quarter. Finally, State Street Corp grew its holdings in Summit Financial Group by 3.4% during the 1st quarter. State Street Corp now owns 210,783 shares of the bank’s stock worth $4,374,000 after acquiring an additional 6,901 shares in the last quarter. Hedge funds and other institutional investors own 28.35% of the company’s stock.

About Summit Financial Group

(Get Free Report)

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.

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