Summit Financial Group (NASDAQ:SMMF) Rating Increased to Buy at StockNews.com

Summit Financial Group (NASDAQ:SMMF) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Summit Financial Group Stock Performance

NASDAQ:SMMF remained flat at $25.70 during trading hours on Thursday. The company has a market capitalization of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.92. The business has a fifty day moving average price of $26.22 and a 200-day moving average price of $26.17. Summit Financial Group has a fifty-two week low of $17.06 and a fifty-two week high of $31.49.

Institutional Trading of Summit Financial Group

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of Summit Financial Group by 77.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock valued at $20,358,000 after purchasing an additional 288,487 shares during the period. Summit Financial Group Inc. grew its position in Summit Financial Group by 4.7% during the first quarter. Summit Financial Group Inc. now owns 219,386 shares of the bank’s stock valued at $5,959,000 after buying an additional 9,923 shares during the period. EJF Capital LLC bought a new position in Summit Financial Group in the third quarter worth approximately $2,804,000. Axxcess Wealth Management LLC boosted its stake in shares of Summit Financial Group by 3.8% during the 4th quarter. Axxcess Wealth Management LLC now owns 52,849 shares of the bank’s stock worth $1,622,000 after acquiring an additional 1,954 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Summit Financial Group during the 4th quarter valued at $870,000. 35.73% of the stock is owned by hedge funds and other 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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.