Summit Financial Group (SMMF) Stock Rating Lowered by BidaskClub
Summit Financial Group (NASDAQ:SMMF) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
Separately, Zacks Investment Research cut Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th.
Shares of Summit Financial Group (SMMF) opened at $23.50 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $276.95, a PE ratio of 24.74, a price-to-earnings-growth ratio of 1.30 and a beta of 0.57. Summit Financial Group has a twelve month low of $19.13 and a twelve month high of $28.16.
In other Summit Financial Group news, CEO H Charles Maddy III sold 3,800 shares of Summit Financial Group stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $27.25, for a total transaction of $103,550.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Patrick Frye sold 3,680 shares of Summit Financial Group stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $27.50, for a total value of $101,200.00. Following the transaction, the vice president now directly owns 33,048 shares in the company, valued at approximately $908,820. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,043 shares of company stock worth $689,391. Company insiders own 22.82% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Nationwide Fund Advisors grew its stake in Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after acquiring an additional 1,328 shares in the last quarter. Stifel Financial Corp purchased a new position in Summit Financial Group during the 2nd quarter valued at about $207,000. Chicago Equity Partners LLC bought a new stake in shares of Summit Financial Group in the 3rd quarter valued at approximately $247,000. OxFORD Asset Management LLP bought a new stake in shares of Summit Financial Group in the 2nd quarter valued at approximately $285,000. Finally, New York State Common Retirement Fund grew its stake in shares of Summit Financial Group by 133.1% in the 2nd quarter. New York State Common Retirement Fund now owns 14,182 shares of the bank’s stock valued at $312,000 after buying an additional 8,098 shares in the last quarter. 22.95% of the stock is currently owned by institutional investors.
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Summit Financial Group Company Profile
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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