The stock of Summit Financial Group, Inc. (NASDAQ:SMMF) hit a new 52-week high and has $56.85 target or 131.00% above today’s $24.61 share price. The 6 months bullish chart indicates low risk for the $269.07M company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $56.85 price target is reached, the company will be worth $352.48 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 15,676 shares traded hands or 13.74% up from the average. Summit Financial Group, Inc. (NASDAQ:SMMF) has risen 37.33% since April 19, 2016 and is uptrending. It has outperformed by 33.47% the S&P500.
According to Zacks Investment Research, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia.”
Insitutional Activity: The institutional sentiment increased to 3.5 in Q2 2016. Its up 1.42, from 2.08 in 2016Q1. The ratio is positive, as 9 funds sold all Summit Financial Group, Inc. shares owned while 4 reduced positions. 15 funds bought stakes while 12 increased positions. They now own 1.57 million shares or 22.57% less from 2.03 million shares in 2016Q1.
Bancorporation Of America Corp De last reported 0% of its portfolio in the stock. Fifth Third National Bank, a Ohio-based fund reported 46,631 shares. The West Virginia-based Bank has invested 0.54% in Summit Financial Group, Inc. (NASDAQ:SMMF). Deutsche Savings Bank Ag, a Germany-based fund reported 11,931 shares. Moreover, Blackrock Inc has 0% invested in Summit Financial Group, Inc. (NASDAQ:SMMF) for 323 shares. Dimensional Fund Advsrs Limited Partnership accumulated 0% or 17,787 shares. California State Teachers Retirement Systems has 0% invested in the company for 17,466 shares. Nationwide Fund Advisors holds 5,090 shares or 0% of its portfolio. Maryland Capital reported 26,000 shares or 0.07% of all its holdings. Bnp Paribas Arbitrage Sa last reported 0% of its portfolio in the stock. Blackrock Institutional Tru Na has 55,682 shares for 0% of their US portfolio. Morgan Stanley has 2,129 shares for 0% of their US portfolio. Burney Co owns 13,200 shares or 0.02% of their US portfolio. Jpmorgan Chase has invested 0% of its portfolio in Summit Financial Group, Inc. (NASDAQ:SMMF). Teachers Advsrs has invested 0% of its portfolio in Summit Financial Group, Inc. (NASDAQ:SMMF).
Insider Transactions: Since June 7, 2016, the stock had 4 insider buys, and 3 sales for $26,859 net activity. Another trade for 3,700 shares valued at $62,920 was made by Hott Jeffrey E. on Thursday, June 9. On Monday, June 13 Crites John W II bought $39,664 worth of the stock or 2,338 shares. HINKLE GARY L bought $97,628 worth of stock or 5,000 shares. 5,000 Summit Financial Group, Inc. (NASDAQ:SMMF) shares with value of $100,650 were sold by BEAN OSCAR M.
More recent Summit Financial Group, Inc. (NASDAQ:SMMF) news were published by: Globenewswire.com which released: “Summit Financial Group, Inc. to Acquire First Century Bankshares, Inc. and Its …” on June 01, 2016. Also Globenewswire.com published the news titled: “Summit Financial Group, Inc. Completes Its Acquisition of Highland County …” on October 03, 2016. Globenewswire.com‘s news article titled: “Summit Financial Group, Inc. to Acquire Highland County Bankshares, Inc. and …” with publication date: March 01, 2016 was also an interesting one.
SMMF Company Profile
Summit Financial Group, Inc. (Summit), incorporated on March 5, 1987, is a financial holding company. The Firm 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 Firm provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank). The Firm operates through two divisions: community banking, and insurance & financial services. The community banking segment consists of its full service banks, which offer clients traditional banking services and products through various delivery channels. The insurance & financial services segment includes three insurance agency offices that sell insurance products. The Firm also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia, which provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty insurance products, as well as group health and life insurance products and consulting services.
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