Summit Financial Group (NASDAQ:SMMF) Upgraded by StockNews.com to Strong-Buy

Summit Financial Group (NASDAQ:SMMFGet Rating) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Separately, Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a report on Wednesday, February 2nd.

NASDAQ SMMF opened at $26.18 on Friday. The stock has a market capitalization of $334.29 million, a P/E ratio of 7.33 and a beta of 0.34. Summit Financial Group has a 1 year low of $21.00 and a 1 year high of $28.00. The business’s fifty day moving average is $25.93 and its two-hundred day moving average is $26.65. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92.

Summit Financial Group (NASDAQ:SMMFGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The bank reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. Summit Financial Group had a return on equity of 15.22% and a net margin of 32.39%. On average, research analysts forecast that Summit Financial Group will post 3.89 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SMMF. Citigroup Inc. grew its position in Summit Financial Group by 139.8% during the 3rd quarter. Citigroup Inc. now owns 1,422 shares of the bank’s stock worth $35,000 after purchasing an additional 829 shares in the last quarter. Captrust Financial Advisors purchased a new position in shares of Summit Financial Group during the 3rd quarter valued at $43,000. Metropolitan Life Insurance Co NY purchased a new position in shares of Summit Financial Group during the 3rd quarter valued at $77,000. BNP Paribas Arbitrage SA grew its holdings in shares of Summit Financial Group by 75.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,290 shares of the bank’s stock valued at $81,000 after acquiring an additional 1,414 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Summit Financial Group by 57.9% during the 1st quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock valued at $167,000 after acquiring an additional 2,396 shares in the last quarter. Hedge funds and other institutional investors own 35.03% of the company’s stock.

Summit Financial Group Company Profile (Get Rating)

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.

See Also

Receive News & Ratings for Summit Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.