Summit Financial Group, Inc. (SMMF) Receives Consensus Recommendation of “Hold” from Brokerages

Summit Financial Group, Inc. (NASDAQ:SMMF) has been given a consensus broker rating score of 3.00 (Hold) from the two brokers that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.

Brokerages have set a 1-year consensus price target of $28.00 for the company and are anticipating that the company will post $0.51 EPS for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 44 out of 265 based on the ratings given to related companies.

Several analysts have issued reports on the company. BidaskClub raised Summit Financial Group from a “strong sell” rating to a “sell” rating in a research note on Monday. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th.

In other Summit Financial Group news, CEO H Charles Maddy III sold 3,800 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $27.25, for a total value of $103,550.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dewey F. Bensenhaver sold 2,246 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were 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 owns 54,096 shares of the company’s stock, valued at approximately $1,452,477.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,043 shares of company stock valued at $689,391. 22.82% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in SMMF. Schwab Charles Investment Management Inc. lifted its position in Summit Financial Group by 69.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 21,700 shares of the bank’s stock valued at $478,000 after purchasing an additional 8,900 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Summit Financial Group by 33.1% in the second quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock valued at $730,000 after purchasing an additional 8,242 shares during the last quarter. Teachers Advisors LLC lifted its position in Summit Financial Group by 43.4% in the second quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock valued at $442,000 after purchasing an additional 6,084 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in Summit Financial Group by 7.1% in the second quarter. TIAA CREF Investment Management LLC now owns 27,789 shares of the bank’s stock valued at $611,000 after purchasing an additional 1,841 shares during the last quarter. Finally, Nationwide Fund Advisors lifted its position in Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after purchasing an additional 1,328 shares during the last quarter. Hedge funds and other institutional investors own 23.90% of the company’s stock.

Shares of Summit Financial Group (NASDAQ SMMF) traded down $0.29 during midday trading on Thursday, hitting $24.55. The stock had a trading volume of 18,935 shares, compared to its average volume of 19,420. Summit Financial Group has a 52 week low of $19.13 and a 52 week high of $28.16. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $304.39, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 1.43 and a beta of 0.57.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, February 1st. The bank reported $0.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.01). The business had revenue of $21.37 million for the quarter, compared to analysts’ expectations of $23.20 million. Summit Financial Group had a return on equity of 11.88% and a net margin of 12.04%. analysts anticipate that Summit Financial Group will post 2.15 EPS for the current year.

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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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