Summit Financial Group (NASDAQ:SMMF) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Summit Financial Group (NASDAQ:SMMFFree Report) in a report issued on Sunday morning. The firm issued a hold rating on the bank’s stock.

Summit Financial Group Price Performance

SMMF stock opened at $27.04 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $28.56 and a 200-day moving average of $25.02. Summit Financial Group has a 12-month low of $17.06 and a 12-month high of $31.49. The company has a market cap of $396.95 million, a price-to-earnings ratio of 7.08 and a beta of 0.40.

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

Summit Financial Group Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMMF. Dimensional Fund Advisors LP increased its stake in shares of Summit Financial Group by 77.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock worth $20,358,000 after purchasing an additional 288,487 shares in the last quarter. EJF Capital LLC purchased a new stake in Summit Financial Group in the 3rd quarter worth approximately $2,804,000. BlackRock Inc. grew its stake in Summit Financial Group by 9.8% in the 2nd quarter. BlackRock Inc. now owns 811,093 shares of the bank’s stock worth $16,757,000 after acquiring an additional 72,478 shares during the period. Royal Bank of Canada grew its stake in Summit Financial Group by 740.1% in the 3rd quarter. Royal Bank of Canada now owns 58,594 shares of the bank’s stock worth $1,579,000 after acquiring an additional 51,619 shares during the period. Finally, EA Series Trust purchased a new stake in Summit Financial Group in the 2nd quarter worth approximately $895,000. 28.35% of the stock is owned by hedge funds and other institutional investors.

Summit Financial Group Company Profile

(Get 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.

Further Reading

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