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

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

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

Shares of NASDAQ SMMF traded up $0.04 during midday trading on Thursday, reaching $26.62. 16,948 shares of the company traded hands, compared to its average volume of 15,457. The stock’s 50-day simple moving average is $25.81 and its 200-day simple moving average is $26.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $339.91 million, a PE ratio of 7.46 and a beta of 0.34. Summit Financial Group has a 12 month low of $21.00 and a 12 month high of $28.00.

Summit Financial Group (NASDAQ:SMMFGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The bank reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. Summit Financial Group had a return on equity of 15.33% and a net margin of 32.39%. On average, equities research analysts expect that Summit Financial Group will post 3.89 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. grew its position in shares of Summit Financial Group by 139.8% in the 3rd quarter. Citigroup Inc. now owns 1,422 shares of the bank’s stock worth $35,000 after acquiring an additional 829 shares in the last quarter. Captrust Financial Advisors acquired a new position in Summit Financial Group during the 3rd quarter worth $43,000. Metropolitan Life Insurance Co NY bought a new stake in shares of Summit Financial Group in the 3rd quarter valued at $77,000. BNP Paribas Arbitrage SA grew its holdings in shares of Summit Financial Group by 75.4% in 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 increased its position in Summit Financial Group by 57.9% during the 1st quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock worth $167,000 after buying an additional 2,396 shares during the period. Institutional investors own 35.03% of the company’s stock.

About Summit Financial Group (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.

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