BidaskClub Downgrades Summit Financial Group, Inc. (NASDAQ:SMMF) to Strong Sell

Summit Financial Group, Inc. (NASDAQ:SMMF) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Monday, July 24th.

Separately, Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Thursday, June 22nd.

Shares of Summit Financial Group (NASDAQ:SMMF) traded up 2.06% on Monday, reaching $21.85. The company’s stock had a trading volume of 45,669 shares. Summit Financial Group has a 12-month low of $17.38 and a 12-month high of $30.06. The company has a market capitalization of $271.51 million, a price-to-earnings ratio of 19.30 and a beta of 1.02. The company’s 50-day moving average is $21.72 and its 200 day moving average is $22.21.

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In other news, Director Gary L. Hinkle purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was bought at an average cost of $21.98 per share, with a total value of $109,900.00. Following the completion of the purchase, the director now owns 361,276 shares in the company, valued at $7,940,846.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas J. Hawse III sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $22.00, for a total value of $66,000.00. Following the transaction, the director now directly owns 95,132 shares of the company’s stock, valued at $2,092,904. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 16,407 shares of company stock valued at $358,218. 22.82% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Nationwide Fund Advisors raised its stake in Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after buying an additional 1,328 shares during the last quarter. Stifel Financial Corp bought a new stake in Summit Financial Group during the second quarter valued at about $207,000. Rhumbline Advisers bought a new stake in Summit Financial Group during the second quarter valued at about $255,000. Darrell & King LLC bought a new stake in Summit Financial Group during the second quarter valued at about $263,000. Finally, OxFORD Asset Management LLP bought a new stake in Summit Financial Group during the second quarter valued at about $285,000. 18.27% of the stock is owned by institutional investors.

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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