Summit Financial Group, Inc. (SMMF)’s Multiple Top Chart Pattern Points to Lower Stock Risks

Investors sentiment increased to 1.42 in Q1 2019. Its up 0.51, from 0.91 in 2018Q4. It is positive, as 3 investors sold Summit Financial Group, Inc. shares while 16 reduced holdings. 7 funds opened positions while 20 raised stakes. 2.99 million shares or 6.06% more from 2.82 million shares in 2018Q4 were reported.
120,622 were accumulated by Northern Trust. Pinnacle Holding Limited Liability Co reported 0% of its portfolio in Summit Financial Group, Inc. (NASDAQ:SMMF). Rhumbline Advisers invested in 15,966 shares. Ameritas Investment Prtn Inc reported 649 shares. Meeder Asset Mgmt Inc holds 0% of its portfolio in Summit Financial Group, Inc. (NASDAQ:SMMF) for 1,106 shares. Moreover, Barclays Pcl has 0% invested in Summit Financial Group, Inc. (NASDAQ:SMMF) for 4,560 shares. Morgan Stanley owns 2,402 shares. Gendell Jeffrey L invested in 0.3% or 81,471 shares. 21,093 were accumulated by Metropolitan Life Insur Company New York. Strs Ohio, Ohio-based fund reported 2,000 shares. The Missouri-based Argent Capital Management Ltd Liability Co has invested 0.07% in Summit Financial Group, Inc. (NASDAQ:SMMF). Deutsche Financial Bank Ag owns 22,279 shares. 170,675 were accumulated by State Street Corp. Maryland Mgmt invested 0.07% of its portfolio in Summit Financial Group, Inc. (NASDAQ:SMMF). Burney owns 9,550 shares.

Since June 21, 2019, it had 1 buying transaction, and 0 selling transactions for $102,200 activity.

The stock of Summit Financial Group, Inc. (SMMF) shows a multiple tops pattern with $27.71 target or 9.00 % above today’s $25.42 share price. The 9 months chart pattern indicates low risk for the $322.13M company. It was reported on Aug, 16 by Finviz.com. If the $27.71 price target is reached, the company will be worth $28.99M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.32% or $0.08 during the last trading session, reaching $25.42. About 6,978 shares traded. Summit Financial Group, Inc. (NASDAQ:SMMF) has risen 5.97% since August 16, 2018 and is uptrending. It has outperformed by 5.97% the S&P500.

Analysts await Summit Financial Group, Inc. (NASDAQ:SMMF) to report earnings on October, 24. They expect $0.56 EPS, up 1.82 % or $0.01 from last year’s $0.55 per share. SMMF’s profit will be $7.10M for 11.35 P/E if the $0.56 EPS becomes a reality. After $0.68 actual EPS reported by Summit Financial Group, Inc. for the previous quarter, Wall Street now forecasts -17.65 % negative EPS growth.

More notable recent Summit Financial Group, Inc. (NASDAQ:SMMF) news were published by: Gurufocus.com which released: “6 Stocks With Strong Dividend Yields – GuruFocus.com” on January 02, 2019, also Nasdaq.com with their article: “Validea Motley Fool Strategy Daily Upgrade Report – 8/13/2019 – Nasdaq” published on August 13, 2019, Globenewswire.com published: “Summit Financial Group, Inc. Completes Its Acquisition of Peoples Bankshares, Inc. and Subsidiary, First Peoples Bank – GlobeNewswire” on January 02, 2019. More interesting news about Summit Financial Group, Inc. (NASDAQ:SMMF) were released by: Globenewswire.com and their article: “Summit Financial Group, Inc. to Acquire Peoples Bankshares, Inc. and Its Wholly-Owned Subsidiary, First Peoples Bank, Inc. – GlobeNewswire” published on July 24, 2018 as well as Nasdaq.com‘s news article titled: “SMMF vs. NBHC: Which Stock Should Value Investors Buy Now? – Nasdaq” with publication date: July 26, 2019.

Summit Financial Group, Inc. operates as a financial holding firm for Summit Community Bank, Inc. that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, and Shenandoah Valley and Southwestern regions of Virginia. The company has market cap of $322.13 million. The firm operates through three divisions: Community Banking, Trust and Wealth Management, and Insurance. It has a 10.63 P/E ratio. The Company’s community banking services include demand, savings, and time deposits; commercial, commercial real estate, construction and land development, residential real estate, and consumer loans; and mortgage warehouse lines of credit, as well as trust and wealth management, and cash management services.

Summit Financial Group, Inc. (NASDAQ:SMMF) Institutional Positions Chart

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