7,750 Shares in Summit Financial Group, Inc. (NASDAQ:SMMF) Purchased by Cerity Partners LLC

Cerity Partners LLC purchased a new position in Summit Financial Group, Inc. (NASDAQ:SMMF) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,750 shares of the bank’s stock, valued at approximately $238,000. Cerity Partners LLC owned approximately 0.05% of Summit Financial Group as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Raymond James Financial Services Advisors Inc. acquired a new position in Summit Financial Group in the fourth quarter worth about $870,000. SG Americas Securities LLC boosted its stake in Summit Financial Group by 24.0% in the fourth quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock valued at $187,000 after acquiring an additional 1,180 shares during the period. EJF Capital LLC acquired a new position in Summit Financial Group in the third quarter valued at approximately $2,804,000. Axxcess Wealth Management LLC boosted its stake in Summit Financial Group by 0.9% in the third quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock valued at $1,147,000 after acquiring an additional 450 shares during the period. Finally, Burney Co. acquired a new position in Summit Financial Group in the third quarter valued at approximately $215,000. 35.73% of the stock is currently owned by institutional investors and hedge funds.

Summit Financial Group Stock Performance

Shares of SMMF stock opened at $27.45 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $26.28 and a two-hundred day moving average of $26.09. Summit Financial Group, Inc. has a 52 week low of $17.06 and a 52 week high of $31.49. The company has a market cap of $403.08 million, a P/E ratio of 7.07 and a beta of 0.38.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The business had revenue of $72.32 million during the quarter. Summit Financial Group had a return on equity of 14.25% and a net margin of 20.84%. As a group, analysts anticipate that Summit Financial Group, Inc. will post 4 EPS for the current year.

Summit Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.21%. Summit Financial Group’s dividend payout ratio is presently 22.68%.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Summit Financial Group in a research note on Tuesday, April 23rd. They issued a “hold” rating for the company.

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.