Summit Financial Group (NASDAQ:SMMF) Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Tuesday, April 16th, BidAskClub reports.

Several other research analysts also recently issued reports on the company. ValuEngine raised Summit Financial Group from a sell rating to a hold rating in a report on Monday, February 4th. Zacks Investment Research upgraded shares of Summit Financial Group from a hold rating to a strong-buy rating and set a $27.00 price objective for the company in a research report on Friday, February 1st.

Shares of SMMF traded down $0.21 on Tuesday, hitting $25.89. The company’s stock had a trading volume of 10,240 shares, compared to its average volume of 22,266. The company has a market capitalization of $333.23 million, a P/E ratio of 11.53, a PEG ratio of 1.47 and a beta of 0.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. Summit Financial Group has a fifty-two week low of $17.94 and a fifty-two week high of $28.00.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, April 25th. The bank reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Summit Financial Group had a return on equity of 12.93% and a net margin of 24.07%. The business had revenue of $22.80 million for the quarter, compared to the consensus estimate of $22.87 million. On average, sell-side analysts anticipate that Summit Financial Group will post 2.23 EPS for the current fiscal year.

In other news, Director Dewey F. Bensenhaver sold 1,027 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $24.40, for a total transaction of $25,058.80. Following the completion of the transaction, the director now directly owns 50,310 shares in the company, valued at approximately $1,227,564. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.62% of the company’s stock.

Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its stake in Summit Financial Group by 60.5% in the 1st quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock valued at $29,000 after purchasing an additional 417 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Summit Financial Group by 520.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,328 shares of the bank’s stock valued at $62,000 after acquiring an additional 1,953 shares during the period. Metropolitan Life Insurance Co. NY increased its holdings in shares of Summit Financial Group by 352.2% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock worth $78,000 after purchasing an additional 3,131 shares during the period. Acadian Asset Management LLC bought a new position in Summit Financial Group in the first quarter valued at approximately $105,000. Finally, Ramsey Quantitative Systems increased its stake in Summit Financial Group by 57.2% in the fourth quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock valued at $109,000 after acquiring an additional 2,048 shares during the last quarter. Institutional investors and hedge funds own 24.44% of the company’s stock.

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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