Summit Financial Group (NASDAQ:SMMF) Stock Crosses Above Two Hundred Day Moving Average of $26.95

Summit Financial Group, Inc. (NASDAQ:SMMFGet Rating)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $26.95 and traded as high as $29.74. Summit Financial Group shares last traded at $29.68, with a volume of 9,689 shares.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SMMF shares. DA Davidson reissued a “neutral” rating on shares of Summit Financial Group in a research note on Wednesday, July 27th. Piper Sandler reduced their price objective on Summit Financial Group to $31.50 in a research note on Monday, July 4th. Finally, StockNews.com lowered Summit Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 29th.

Summit Financial Group Trading Up 0.6 %

The company has a market cap of $378.98 million, a P/E ratio of 8.04 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $28.01 and a two-hundred day moving average price of $26.95.

Summit Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, June 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.43%. Summit Financial Group’s payout ratio is currently 19.51%.

Hedge Funds Weigh In On Summit Financial Group

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of Summit Financial Group during the 2nd quarter worth about $129,000. Strs Ohio grew its holdings in Summit Financial Group by 5.8% during the second quarter. Strs Ohio now owns 14,700 shares of the bank’s stock valued at $408,000 after purchasing an additional 800 shares during the period. Bell Rock Capital LLC acquired a new position in Summit Financial Group during the second quarter valued at approximately $285,000. Amalgamated Bank acquired a new position in Summit Financial Group during the first quarter valued at approximately $35,000. Finally, EJF Capital LLC acquired a new position in Summit Financial Group during the first quarter valued at approximately $1,919,000. Institutional investors and hedge funds own 35.03% of the company’s stock.

About Summit Financial Group

(Get Rating)

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.

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