Zacks: Summit Financial Group, Inc. (SMMF) Receives Consensus Rating of “Hold” from Analysts

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

Analysts have set a twelve-month consensus price objective of $23.00 for the company and are expecting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Summit Financial Group an industry rank of 186 out of 257 based on the ratings given to its competitors.

Several brokerages recently issued reports on SMMF. BidaskClub downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, July 16th. Zacks Investment Research downgraded Summit Financial Group from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 30th. Finally, ValuEngine downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, September 24th.

Shares of SMMF opened at $20.51 on Thursday. The company has a market capitalization of $259.58 million, a PE ratio of 10.85, a PEG ratio of 1.19 and a beta of 0.70. Summit Financial Group has a 52 week low of $20.40 and a 52 week high of $28.00. The company has a quick ratio of 0.91, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, October 25th. The bank reported $0.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.55. The business had revenue of $21.42 million for the quarter, compared to the consensus estimate of $22.48 million. Summit Financial Group had a return on equity of 12.73% and a net margin of 20.89%. Equities analysts expect that Summit Financial Group will post 2.18 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. bought a new stake in shares of Summit Financial Group in the 2nd quarter worth approximately $110,000. Zacks Investment Management bought a new stake in shares of Summit Financial Group in the 2nd quarter worth approximately $206,000. SG Americas Securities LLC bought a new stake in shares of Summit Financial Group in the 3rd quarter worth approximately $228,000. California Public Employees Retirement System lifted its holdings in shares of Summit Financial Group by 11.2% in the 2nd quarter. California Public Employees Retirement System now owns 22,401 shares of the bank’s stock worth $601,000 after purchasing an additional 2,254 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Summit Financial Group by 13.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock worth $616,000 after purchasing an additional 2,653 shares during the last quarter. 26.11% 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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