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

Research analysts at StockNews.com started coverage on shares of Summit Financial Group (NASDAQ:SMMFGet Free Report) in a research report issued to clients and investors on Sunday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Trading Up 5.3 %

Shares of NASDAQ:SMMF opened at $28.47 on Friday. Summit Financial Group has a 12 month low of $17.06 and a 12 month high of $31.49. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $28.63 and its 200 day simple moving average is $25.06. The firm has a market cap of $417.94 million, a price-to-earnings ratio of 7.45 and a beta of 0.40.

Summit Financial Group (NASDAQ:SMMFGet Free Report) last announced its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $72.32 million during the quarter. Summit Financial Group had a net margin of 20.97% and a return on equity of 14.35%. As a group, research analysts forecast that Summit Financial Group will post 4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in Summit Financial Group by 234.2% during the first quarter. FMR LLC now owns 1,741 shares of the bank’s stock worth $36,000 after buying an additional 1,220 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Summit Financial Group by 430.3% during the third quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock worth $57,000 after buying an additional 2,057 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in Summit Financial Group during the second quarter worth $63,000. Allspring Global Investments Holdings LLC raised its holdings in Summit Financial Group by 112.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock worth $64,000 after buying an additional 1,647 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings 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 valued at $66,000 after purchasing an additional 964 shares during the last quarter. 28.35% of the stock is owned by institutional investors.

Summit Financial Group Company Profile

(Get Free Report)

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.

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