BlackRock Inc. raised its position in Summit Financial Group, Inc. (NASDAQ:SMMF) by 9.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 554,122 shares of the bank’s stock after purchasing an additional 49,099 shares during the period. BlackRock Inc.’s holdings in Summit Financial Group were worth $14,873,000 at the end of the most recent reporting period.
Separately, Schwab Charles Investment Management Inc. lifted its holdings in Summit Financial Group by 13.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock valued at $616,000 after purchasing an additional 2,653 shares in the last quarter. 26.11% of the stock is owned by institutional investors.
A number of research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Summit Financial Group from a “hold” rating to a “strong sell” rating in a report on Tuesday. BidaskClub lowered shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Friday, October 26th. Finally, ValuEngine lowered shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, September 24th.
Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, October 25th. The bank reported $0.55 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.55. The company had revenue of $21.42 million for the quarter, compared to analyst estimates of $22.48 million. Summit Financial Group had a net margin of 20.89% and a return on equity of 12.85%. Analysts forecast that Summit Financial Group, Inc. will post 2.18 earnings per share for the current year.
Summit Financial Group 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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.
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