Investment analysts at StockNews.com started coverage on shares of Summit Financial Group (NASDAQ:SMMF – Get Free Report) in a report issued on Tuesday. The brokerage set a “hold” rating on the bank’s stock.
Separately, DA Davidson upped their price target on Summit Financial Group from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, August 29th.
Summit Financial Group Price Performance
Summit Financial Group (NASDAQ:SMMF – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.20). The company had revenue of $45.74 million during the quarter. Summit Financial Group had a return on equity of 14.60% and a net margin of 23.43%. As a group, analysts forecast that Summit Financial Group will post 3.9 EPS for the current year.
Insider Activity at Summit Financial Group
In related news, Director Jill S. Upson purchased 1,850 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were purchased at an average price of $24.81 per share, with a total value of $45,898.50. Following the completion of the purchase, the director now owns 2,207 shares in the company, valued at approximately $54,755.67. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 12.88% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of SMMF. Pinnacle Financial Partners Inc grew its holdings in shares of Summit Financial Group by 74.4% in the 2nd quarter. Pinnacle Financial Partners Inc now owns 9,015 shares of the bank’s stock valued at $186,000 after acquiring an additional 3,846 shares in the last quarter. Strs Ohio increased its holdings in Summit Financial Group by 8.3% during the second quarter. Strs Ohio now owns 16,900 shares of the bank’s stock worth $349,000 after buying an additional 1,300 shares during the last quarter. LSV Asset Management raised its position in Summit Financial Group by 14.7% during the second quarter. LSV Asset Management now owns 32,700 shares of the bank’s stock worth $676,000 after acquiring an additional 4,200 shares in the last quarter. Fourthstone LLC acquired a new position in shares of Summit Financial Group during the 2nd quarter worth about $424,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Summit Financial Group by 112.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,647 shares during the period. 28.35% of the stock is 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, 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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