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

StockNews.com started coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research note released on Monday morning. The firm issued a hold rating on the bank’s stock.

Summit Financial Group Stock Performance

Shares of NASDAQ SMMF opened at $25.05 on Monday. The company has a 50-day simple moving average of $26.40 and a 200-day simple moving average of $25.84. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.92 and a quick ratio of 0.92. 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 $367.73 million, a PE ratio of 6.56 and a beta of 0.38.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $1.10 by $0.01. The firm had revenue of $72.32 million during the quarter. Summit Financial Group had a net margin of 20.97% and a return on equity of 13.99%. On average, equities analysts anticipate that Summit Financial Group will post 4 earnings per share for the current year.

Summit Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, March 14th. Summit Financial Group’s payout ratio is 23.04%.

Institutional Investors Weigh In On Summit Financial Group

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in shares of Summit Financial Group by 234.2% in the first 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 period. First United Bank & Trust acquired a new position in shares of Summit Financial Group in the fourth quarter worth about $70,000. Tower Research Capital LLC TRC lifted its stake in shares of Summit Financial Group by 430.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock worth $57,000 after acquiring an additional 2,057 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Summit Financial Group by 56.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock worth $66,000 after acquiring an additional 964 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in shares of Summit Financial Group in the second quarter worth about $63,000. Hedge funds and other institutional investors own 35.73% of the company’s stock.

About Summit Financial Group

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.