Summit Financial Group (NASDAQ:SMMF) Upgraded by Zacks Investment Research to “Buy”

Eufemia Didonato

Zacks Investment Research upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $17.00 price objective on the bank’s stock. According to Zacks, “Summit Financial Group operates thirteen banking […]

Zacks Investment Research upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $17.00 price objective on the bank’s stock.

According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “

Separately, ValuEngine downgraded shares of Summit Financial Group from a sell rating to a strong sell rating in a report on Monday, August 3rd.

Summit Financial Group stock opened at $15.04 on Tuesday. The firm’s 50 day moving average price is $15.52 and its two-hundred day moving average price is $16.20. Summit Financial Group has a twelve month low of $13.48 and a twelve month high of $27.83. The firm has a market cap of $195.17 million, a PE ratio of 6.87 and a beta of 0.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.88 and a current ratio of 0.89.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Monday, August 3rd. The bank reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.27. The firm had revenue of $26.66 million during the quarter, compared to the consensus estimate of $26.40 million. Summit Financial Group had a net margin of 21.93% and a return on equity of 10.96%. Equities analysts anticipate that Summit Financial Group will post 2.21 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 4.52%. Summit Financial Group’s dividend payout ratio is 26.88%.

Institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. bought a new position in shares of Summit Financial Group during the 2nd quarter worth approximately $352,000. BlackRock Inc. increased its holdings in Summit Financial Group by 2.5% in the 1st quarter. BlackRock Inc. now owns 667,428 shares of the bank’s stock worth $14,156,000 after acquiring an additional 15,970 shares during the last quarter. Parametric Portfolio Associates LLC purchased a new stake in Summit Financial Group in the 1st quarter worth about $324,000. WINTON GROUP Ltd purchased a new position in Summit Financial Group during the 2nd quarter valued at about $229,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Summit Financial Group by 19.9% during the 1st quarter. Bank of New York Mellon Corp now owns 79,392 shares of the bank’s stock valued at $1,684,000 after acquiring an additional 13,182 shares during the last quarter. 25.57% of the stock is owned by institutional investors.

About Summit Financial Group

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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