Summit Financial Group, Inc. (NASDAQ:SMMF) – Equities researchers at DA Davidson reduced their FY2018 earnings per share estimates for Summit Financial Group in a note issued to investors on Thursday, October 25th. DA Davidson analyst R. Gunther now expects that the bank will earn $2.18 per share for the year, down from their previous forecast of $2.20. DA Davidson also issued estimates for Summit Financial Group’s Q4 2018 earnings at $0.52 EPS, Q1 2019 earnings at $0.40 EPS, Q2 2019 earnings at $0.48 EPS, Q3 2019 earnings at $0.54 EPS, FY2019 earnings at $1.97 EPS, Q1 2020 earnings at $0.50 EPS, Q3 2020 earnings at $0.59 EPS and FY2020 earnings at $2.25 EPS.
Several other analysts have also issued reports on SMMF. BidaskClub lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Zacks Investment Research lowered shares of Summit Financial Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 1st. Finally, ValuEngine lowered shares of Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, September 24th.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings results on Thursday, October 25th. The bank reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. Summit Financial Group had a net margin of 20.89% and a return on equity of 12.85%. The business had revenue of $21.42 million during the quarter, compared to analyst estimates of $22.48 million.
Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new stake in Summit Financial Group during the second quarter valued at about $110,000. Zacks Investment Management purchased a new stake in Summit Financial Group during the second quarter valued at about $206,000. California Public Employees Retirement System boosted its position in Summit Financial Group by 11.2% during the second quarter. California Public Employees Retirement System now owns 22,401 shares of the bank’s stock valued at $601,000 after buying an additional 2,254 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Summit Financial Group by 13.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock valued at $616,000 after buying an additional 2,653 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Summit Financial Group by 42.4% during the first quarter. Dimensional Fund Advisors LP now owns 80,684 shares of the bank’s stock valued at $2,018,000 after buying an additional 24,004 shares during the period. Institutional investors and hedge funds own 26.09% of the company’s stock.
About Summit Financial Group
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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.
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