Summit Financial Group, Inc. (SMMF) Downgraded to Hold at Sandler O’Neill
Summit Financial Group, Inc. (NASDAQ:SMMF) was downgraded by stock analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
A number of other research firms have also recently weighed in on SMMF. BidaskClub cut shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Zacks Investment Research cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Friday, September 8th.
Shares of Summit Financial Group (NASDAQ:SMMF) traded down 1.20% on Monday, reaching $24.71. 1,624 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $22.14 and a 200 day moving average of $21.77. The firm has a market capitalization of $307.05 million, a P/E ratio of 21.83 and a beta of 1.02. Summit Financial Group has a one year low of $18.05 and a one year high of $30.06.
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In related news, Director Gary L. Hinkle acquired 10,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were bought at an average price of $21.78 per share, with a total value of $217,800.00. Following the completion of the acquisition, the director now owns 320,978 shares in the company, valued at $6,990,900.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Duke A. Mcdaniel sold 3,125 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $24.32, for a total transaction of $76,000.00. Following the sale, the director now directly owns 28,109 shares in the company, valued at approximately $683,610.88. The disclosure for this sale can be found here. 22.82% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Summit Financial Group Inc. acquired a new stake in Summit Financial Group during the second quarter worth approximately $5,402,000. Vanguard Group Inc. raised its holdings in Summit Financial Group by 2.8% during the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after purchasing an additional 6,609 shares in the last quarter. State Street Corp raised its holdings in Summit Financial Group by 25.9% during the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after purchasing an additional 29,866 shares in the last quarter. Northern Trust Corp raised its holdings in Summit Financial Group by 31.7% during the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock worth $2,520,000 after purchasing an additional 27,551 shares in the last quarter. Finally, Context BH Capital Management LP acquired a new stake in Summit Financial Group during the second quarter worth approximately $2,494,000. 21.40% of the stock is currently owned by institutional investors.
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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