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

StockNews.com began coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a report released on Tuesday. The brokerage set a “hold” rating on the bank’s stock.

Summit Financial Group Trading Up 1.5 %

SMMF opened at $27.72 on Tuesday. The company has a fifty day moving average of $26.29 and a 200-day moving average of $26.00. Summit Financial Group has a twelve month low of $17.06 and a twelve month high of $31.49. The stock has a market cap of $407.04 million, a PE ratio of 7.26 and a beta of 0.38. 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 issued its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. Summit Financial Group had a return on equity of 13.99% and a net margin of 20.97%. The business had revenue of $72.32 million for the quarter. On average, sell-side analysts predict that Summit Financial Group will post 4 EPS for the current year.

Institutional Investors Weigh In On Summit Financial Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in shares of Summit Financial Group during the third quarter valued at approximately $111,000. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Summit Financial Group in the 3rd quarter worth about $585,000. Burney Co. purchased a new position in Summit Financial Group during the 3rd quarter valued at about $215,000. Axxcess Wealth Management LLC boosted its stake in Summit Financial Group by 0.9% during the third quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock worth $1,147,000 after acquiring an additional 450 shares in the last quarter. Finally, EJF Capital LLC purchased a new stake in Summit Financial Group in the third quarter worth about $2,804,000. 35.73% of the stock is owned by hedge funds and other institutional investors.

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.