Summit Financial Group (NASDAQ:SMMF) Lowered to “Hold” at BidaskClub

Summit Financial Group (NASDAQ:SMMF) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

Separately, Zacks Investment Research downgraded shares of EXACT Sciences from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd.

SMMF opened at $26.43 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.09. Summit Financial Group has a 52-week low of $17.94 and a 52-week high of $27.33. The stock’s 50 day simple moving average is $26.01. The stock has a market capitalization of $331.96 million, a P/E ratio of 11.69, a P/E/G ratio of 1.46 and a beta of 0.95.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings data on Thursday, April 25th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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. As a group, equities research analysts anticipate that Summit Financial Group will post 2.23 EPS for the current year.

In other news, VP Patrick Frye sold 3,779 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $25.62, for a total transaction of $96,817.98. Following the transaction, the vice president now directly owns 34,805 shares of the company’s stock, valued at $891,704.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jason A. Kitzmiller bought 4,088 shares of Summit Financial Group stock in a transaction dated Friday, June 21st. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $102,200.00. Following the completion of the transaction, the director now owns 6,176 shares of the company’s stock, valued at approximately $154,400. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 7,339 shares of company stock valued at $188,125. 2.62% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. raised its holdings in Summit Financial Group by 60.5% in the first quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock valued at $29,000 after acquiring an additional 417 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Summit Financial Group by 520.8% in the first 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 in the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in Summit Financial Group by 352.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock valued at $78,000 after acquiring an additional 3,131 shares in the last quarter. Bank of America Corp DE raised its holdings in Summit Financial Group by 40.3% in the fourth quarter. Bank of America Corp DE now owns 11,826 shares of the bank’s stock valued at $228,000 after acquiring an additional 3,399 shares in the last quarter. Finally, Burney Co. acquired a new stake in Summit Financial Group in the first quarter valued at $253,000. 25.50% of the stock is currently owned by institutional investors and hedge funds.

Summit Financial Group Company Profile

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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