Summit Financial Group (SMMF) Rating Increased to Sell at BidaskClub

Summit Financial Group (NASDAQ:SMMF) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Tuesday.

Several other research analysts have also recently weighed in on SMMF. Zacks Investment Research cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 28th. ValuEngine cut shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, September 24th.

Shares of Summit Financial Group stock opened at $24.01 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $289.47 million, a price-to-earnings ratio of 12.70, a PEG ratio of 1.32 and a beta of 0.65. Summit Financial Group has a 52-week low of $21.78 and a 52-week high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last issued its earnings results 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 firm had revenue of $21.42 million during the quarter, compared to analysts’ expectations of $22.37 million. As a group, research analysts predict that Summit Financial Group will post 2.2 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMF. BlackRock Inc. raised its holdings in shares of Summit Financial Group by 9.7% during the second quarter. BlackRock Inc. now owns 554,122 shares of the bank’s stock valued at $14,873,000 after purchasing an additional 49,099 shares during the last quarter. ZPR Investment Management purchased a new position in shares of Summit Financial Group during the first quarter valued at approximately $918,000. Dimensional Fund Advisors LP raised its holdings in shares of Summit Financial Group by 42.4% during the first quarter. Dimensional Fund Advisors LP now owns 80,684 shares of the bank’s stock valued at $2,018,000 after purchasing an additional 24,004 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Summit Financial Group during the first quarter valued at approximately $324,000. Finally, Zacks Investment Management purchased a new position in shares of Summit Financial Group during the second quarter valued at approximately $206,000. 26.10% of the stock is owned by hedge funds and other institutional investors.

About Summit Financial Group

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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