Analysts Set $26.00 Price Target for Summit Financial Group, Inc. (SMMF)

Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have been given a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation.

Brokerages have set a 12 month consensus price target of $26.00 for the company and are forecasting that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Summit Financial Group an industry rank of 161 out of 256 based on the ratings given to related companies.

SMMF has been the subject of a number of analyst reports. BidaskClub raised shares of Summit Financial Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Zacks Investment Research downgraded shares of Summit Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Finally, ValuEngine raised shares of Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, February 4th.

Summit Financial Group stock opened at $25.70 on Monday. Summit Financial Group has a 1-year low of $17.94 and a 1-year high of $28.00. The firm has a market capitalization of $327.50 million, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.43 and a beta of 0.92. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.09.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Summit Financial Group had a net margin of 24.07% and a return on equity of 12.65%. The company had revenue of $22.80 million during the quarter, compared to the consensus estimate of $22.87 million. On average, research analysts anticipate that Summit Financial Group will post 2.23 earnings per share for the current year.

In other news, Director Dewey F. Bensenhaver sold 1,027 shares of Summit Financial Group stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $24.40, for a total value of $25,058.80. Following the completion of the transaction, the director now owns 50,310 shares of the company’s stock, valued at approximately $1,227,564. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Patrick Frye sold 3,779 shares of Summit Financial Group stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $25.62, for a total transaction of $96,817.98. Following the completion of the transaction, the vice president now directly owns 34,805 shares of the company’s stock, valued at approximately $891,704.10. The disclosure for this sale can be found here. Company insiders own 2.62% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its stake in shares of Summit Financial Group by 60.5% during the 1st quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock worth $29,000 after buying an additional 417 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Summit Financial Group by 3.8% during the 1st quarter. California State Teachers Retirement System now owns 17,393 shares of the bank’s stock worth $461,000 after buying an additional 629 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Summit Financial Group by 16.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,375 shares of the bank’s stock worth $142,000 after buying an additional 766 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Summit Financial Group by 6.9% during the 4th quarter. Prudential Financial Inc. now owns 13,530 shares of the bank’s stock worth $261,000 after buying an additional 871 shares during the last quarter. Finally, Vanguard Group Inc lifted its stake in shares of Summit Financial Group by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 389,020 shares of the bank’s stock worth $9,029,000 after buying an additional 1,142 shares during the last quarter. 24.42% of the stock is owned by 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.

Further Reading: Intrinsic Value

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