StockNews.com Initiates Coverage on Summit Financial Group (NASDAQ:SMMF)

Equities researchers at StockNews.com assumed coverage on shares of Summit Financial Group (NASDAQ:SMMF - Get Free Report) in a report issued on Tuesday. The firm set a "hold" rating on the bank's stock.

Summit Financial Group Stock Performance

SMMF traded down $0.05 during trading hours on Tuesday, hitting $27.30. The company's stock had a trading volume of 11,872 shares, compared to its average volume of 24,645. Summit Financial Group has a fifty-two week low of $17.06 and a fifty-two week high of $31.49. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $400.76 million, a PE ratio of 7.15 and a beta of 0.38. The company has a 50-day simple moving average of $26.27 and a 200 day simple moving average of $25.99.

Summit Financial Group (NASDAQ:SMMF - Get Free Report) last posted its earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. Summit Financial Group had a return on equity of 13.99% and a net margin of 20.97%. The firm had revenue of $72.32 million for the quarter. As a group, sell-side analysts expect that Summit Financial Group will post 4 EPS for the current year.

Hedge Funds Weigh In On Summit Financial Group

Several hedge funds have recently modified their holdings of SMMF. SG Americas Securities LLC acquired a new position in shares of Summit Financial Group during the 3rd quarter valued at $111,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Summit Financial Group in the 3rd quarter worth $585,000. Burney Co. acquired a new position in shares of Summit Financial Group in the 3rd quarter worth $215,000. Axxcess Wealth Management LLC grew its holdings in shares of Summit Financial Group by 0.9% in the 3rd quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank's stock worth $1,147,000 after acquiring an additional 450 shares during the last quarter. Finally, EJF Capital LLC acquired a new position in shares of Summit Financial Group in the 3rd quarter worth $2,804,000. 35.73% of the stock is currently owned by institutional investors and hedge funds.

Summit Financial Group Company Profile

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.