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

Equities research analysts at StockNews.com initiated coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research note issued on Tuesday. The firm set a “buy” rating on the bank’s stock.

Summit Financial Group Trading Down 2.5 %

Shares of SMMF stock opened at $25.70 on Tuesday. The stock has a 50-day simple moving average of $25.99 and a 200 day simple moving average of $26.54. Summit Financial Group has a fifty-two week low of $17.06 and a fifty-two week high of $31.49. The stock has a market capitalization of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, April 25th. The bank reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.07. Summit Financial Group had a return on equity of 14.25% and a net margin of 20.84%. The business had revenue of $45.00 million during the quarter. On average, sell-side analysts expect that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SMMF. Axxcess Wealth Management LLC lifted its holdings in shares of Summit Financial Group by 0.9% during the third quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock valued at $1,147,000 after purchasing an additional 450 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Summit Financial Group by 39.1% during the 1st quarter. California State Teachers Retirement System now owns 2,561 shares of the bank’s stock valued at $70,000 after acquiring an additional 720 shares during the last quarter. SG Americas Securities LLC grew its holdings in Summit Financial Group by 24.0% in the 4th quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock valued at $187,000 after buying an additional 1,180 shares during the last quarter. First United Bank & Trust acquired a new stake in Summit Financial Group in the 4th quarter valued at approximately $70,000. Finally, Empowered Funds LLC grew its holdings in Summit Financial Group by 8.1% in the 1st quarter. Empowered Funds LLC now owns 55,908 shares of the bank’s stock valued at $1,518,000 after buying an additional 4,200 shares during the last quarter. Institutional investors 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.