Summit Financial Group (NASDAQ:SMMF) Stock Price Passes Above 200-Day Moving Average of $17.36

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Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.36 and traded as high as $22.74. Summit Financial Group shares last traded at $22.08, with a volume of 23,576 shares traded.

Several equities analysts have recently commented on SMMF shares. TheStreet raised shares of Summit Financial Group from a “c+” rating to a “b” rating in a report on Friday, November 13th. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Tuesday, September 29th. Finally, ValuEngine raised shares of Summit Financial Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, November 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company’s stock. Summit Financial Group has an average rating of “Hold” and a consensus price target of $17.00.

The firm’s 50-day moving average is $21.60 and its two-hundred day moving average is $17.39. The company has a market cap of $286.64 million, a P/E ratio of 10.08 and a beta of 0.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.89 and a quick ratio of 0.88.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, October 22nd. The bank reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.41. Summit Financial Group had a net margin of 21.93% and a return on equity of 10.96%. The company had revenue of $30.97 million for the quarter, compared to analysts’ expectations of $27.50 million. As a group, sell-side analysts expect that Summit Financial Group, Inc. will post 2.13 EPS for the current year.

In other Summit Financial Group news, Director Gary L. Hinkle purchased 3,757 shares of Summit Financial Group stock in a transaction that occurred on Thursday, December 3rd. The shares were bought at an average price of $21.38 per share, for a total transaction of $80,324.66. Following the completion of the transaction, the director now owns 416,188 shares of the company’s stock, valued at approximately $8,898,099.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary L. Hinkle purchased 1,413 shares of Summit Financial Group stock in a transaction that occurred on Monday, December 7th. The stock was acquired at an average price of $21.99 per share, for a total transaction of $31,071.87. Following the transaction, the director now directly owns 417,688 shares of the company’s stock, valued at approximately $9,184,959.12. The disclosure for this purchase can be found here. Insiders purchased 8,927 shares of company stock worth $191,007 in the last 90 days. 2.62% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of SMMF. Goldman Sachs Group Inc. bought a new position in Summit Financial Group during the second quarter valued at $352,000. Bank of America Corp DE grew its holdings in shares of Summit Financial Group by 68.4% in the second quarter. Bank of America Corp DE now owns 11,717 shares of the bank’s stock worth $193,000 after purchasing an additional 4,759 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Summit Financial Group in the second quarter worth about $29,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Financial Group by 4.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 28,142 shares of the bank’s stock worth $464,000 after purchasing an additional 1,256 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Summit Financial Group by 3.6% in the second quarter. Nuveen Asset Management LLC now owns 42,155 shares of the bank’s stock worth $695,000 after purchasing an additional 1,472 shares during the last quarter. Institutional investors and hedge funds own 25.57% of the company’s stock.

About Summit Financial Group (NASDAQ:SMMF)

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, and Shenandoah Valley and Southwestern regions of Virginia.

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