Summit Financial Group (NASDAQ:SMMF) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research note issued to investors on Monday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Trading Up 0.6 %

Shares of Summit Financial Group stock opened at $25.19 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29. Summit Financial Group has a 12-month low of $17.06 and a 12-month high of $31.49. The firm has a market capitalization of $369.79 million, a price-to-earnings ratio of 6.59 and a beta of 0.38. The firm’s 50 day simple moving average is $26.35 and its two-hundred day simple moving average is $25.86.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. Summit Financial Group had a net margin of 20.97% and a return on equity of 13.99%. The business had revenue of $72.32 million for the quarter. Analysts predict that Summit Financial Group will post 4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Summit Financial Group by 234.2% in the first quarter. FMR LLC now owns 1,741 shares of the bank’s stock worth $36,000 after acquiring an additional 1,220 shares during the period. First United Bank & Trust acquired a new stake in shares of Summit Financial Group in the fourth quarter worth $70,000. Tower Research Capital LLC TRC increased its stake in shares of Summit Financial Group by 430.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock worth $57,000 after acquiring an additional 2,057 shares during the period. Lazard Asset Management LLC increased its stake in shares of Summit Financial Group by 56.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock worth $66,000 after acquiring an additional 964 shares during the period. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Summit Financial Group in the second quarter worth $63,000. Institutional investors and hedge funds own 35.73% of the company’s stock.

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.