Summit Financial Group, Inc. (SMMF) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a hold rating to a buy rating in a research note published on Wednesday, August 2nd. Zacks Investment Research currently has $24.00 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, BidaskClub downgraded Summit Financial Group from a sell rating to a strong sell rating in a research note on Monday, July 24th.

Shares of Summit Financial Group (NASDAQ SMMF) traded down 1.33% during trading on Wednesday, reaching $21.47. The company’s stock had a trading volume of 31,425 shares. Summit Financial Group has a one year low of $17.38 and a one year high of $30.06. The company has a 50-day moving average price of $21.74 and a 200-day moving average price of $22.38. The stock has a market cap of $264.06 million, a price-to-earnings ratio of 18.98 and a beta of 1.02.

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In other Summit Financial Group news, Director Gary L. Hinkle bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $21.78 per share, with a total value of $217,800.00. Following the purchase, the director now owns 320,978 shares in the company, valued at approximately $6,990,900.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles Piccirillo bought 1,407 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were acquired at an average cost of $21.69 per share, with a total value of $30,517.83. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 16,407 shares of company stock valued at $358,218. 22.82% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of SMMF. Summit Financial Group Inc. acquired a new position in shares of Summit Financial Group during the second quarter worth about $5,402,000. Vanguard Group Inc. increased its position in shares of Summit Financial Group by 2.8% in the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after buying an additional 6,609 shares during the period. Northern Trust Corp increased its position in shares of Summit Financial Group by 31.7% in the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock worth $2,520,000 after buying an additional 27,551 shares during the period. Context BH Capital Management LP purchased a new stake in Summit Financial Group during the second quarter worth $2,494,000. Finally, River Oaks Capital LLC boosted its stake in Summit Financial Group by 71.2% in the second quarter. River Oaks Capital LLC now owns 57,500 shares of the bank’s stock worth $1,265,000 after buying an additional 23,919 shares in the last quarter. 18.02% of the stock is owned by institutional investors and hedge funds.

About Summit Financial Group

Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).

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