Burney Co. Makes New Investment in Summit Financial Group, Inc. (NASDAQ:SMMF)

Burney Co. acquired a new position in shares of Summit Financial Group, Inc. (NASDAQ:SMMFFree Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,550 shares of the bank’s stock, valued at approximately $215,000. Burney Co. owned about 0.07% of Summit Financial Group at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Summit Financial Group by 234.2% in the 1st quarter. FMR LLC now owns 1,741 shares of the bank’s stock worth $36,000 after buying an additional 1,220 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Summit Financial Group in the 2nd quarter worth about $63,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Summit Financial Group by 112.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock worth $64,000 after buying an additional 1,647 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Summit Financial Group by 56.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock worth $66,000 after buying an additional 964 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Summit Financial Group by 334,500.0% in the 2nd quarter. Citigroup Inc. now owns 3,346 shares of the bank’s stock worth $69,000 after buying an additional 3,345 shares during the last quarter. 28.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of Summit Financial Group in a report on Sunday. They issued a “hold” rating on the stock.

View Our Latest Research Report on Summit Financial Group

Summit Financial Group Trading Up 0.3 %

Shares of Summit Financial Group stock opened at $27.04 on Friday. Summit Financial Group, Inc. has a 52-week low of $17.06 and a 52-week high of $31.49. The stock’s 50-day simple moving average is $28.56 and its 200 day simple moving average is $25.01. The stock has a market capitalization of $396.95 million, a P/E ratio of 7.08 and a beta of 0.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.90 and a current ratio of 0.90.

Summit Financial Group (NASDAQ:SMMFGet Free Report) last announced its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. Summit Financial Group had a return on equity of 14.35% and a net margin of 20.97%. The business had revenue of $72.32 million for the quarter. As a group, research analysts anticipate that Summit Financial Group, Inc. will post 4 EPS for the current year.

Summit Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Thursday, December 14th. Summit Financial Group’s dividend payout ratio is currently 23.04%.

Summit Financial Group Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Summit Financial Group (NASDAQ:SMMF)

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