Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have earned an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation.
Analysts have set a 1 year consensus price target of $26.00 for the company and are expecting that the company will post $0.56 EPS for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 178 out of 256 based on the ratings given to its competitors.
A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. BidaskClub downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th.
Shares of Summit Financial Group stock traded down $0.55 during trading on Friday, reaching $25.31. 16,632 shares of the stock traded hands, compared to its average volume of 24,221. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.91. Summit Financial Group has a 52-week low of $17.94 and a 52-week high of $27.47. The firm’s fifty day moving average price is $26.25. The firm has a market cap of $317.05 million, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.
Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.10. Summit Financial Group had a net margin of 24.74% and a return on equity of 13.30%. The firm had revenue of $26.07 million during the quarter, compared to the consensus estimate of $23.68 million. On average, sell-side analysts predict that Summit Financial Group will post 2.2 EPS for the current year.
In related news, CEO H Charles Maddy III sold 8,561 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $27.10, for a total value of $232,003.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Patrick Frye sold 3,779 shares of the 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. In the last ninety days, insiders sold 15,900 shares of company stock valued at $420,128. 2.62% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Summit Financial Group by 2.7% in the fourth quarter. BlackRock Inc. now owns 573,586 shares of the bank’s stock worth $11,075,000 after purchasing an additional 15,012 shares during the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in Summit Financial Group by 19.5% in the first quarter. Pacific Ridge Capital Partners LLC now owns 176,853 shares of the bank’s stock worth $4,688,000 after purchasing an additional 28,813 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Summit Financial Group by 19.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 137,168 shares of the bank’s stock worth $2,649,000 after purchasing an additional 22,786 shares during the last quarter. Northern Trust Corp lifted its stake in Summit Financial Group by 1.0% in the fourth quarter. Northern Trust Corp now owns 119,190 shares of the bank’s stock worth $2,301,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Summit Financial Group by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 86,218 shares of the bank’s stock worth $1,664,000 after purchasing an additional 4,477 shares during the last quarter. 25.81% of the stock is 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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