Summit Financial Group (NASDAQ:SMMF) Now Covered by Analysts at StockNews.com

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

Summit Financial Group Stock Performance

NASDAQ SMMF opened at $25.08 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $368.17 million, a price-to-earnings ratio of 6.57 and a beta of 0.38. The firm’s 50 day simple moving average is $26.27 and its 200 day simple moving average is $25.85. Summit Financial Group has a 1 year low of $17.06 and a 1 year high of $31.49.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, beating 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 net margin of 20.97% and a return on equity of 13.99%. As a group, research analysts expect that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Summit Financial Group Dividend Announcement

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

Hedge Funds Weigh In On Summit Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMF. Dimensional Fund Advisors LP increased its holdings in Summit Financial Group by 77.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock valued at $20,358,000 after purchasing an additional 288,487 shares during the period. EJF Capital LLC acquired a new position in Summit Financial Group during the 3rd quarter worth about $2,804,000. BlackRock Inc. lifted its holdings in Summit Financial Group by 9.8% during the 2nd quarter. BlackRock Inc. now owns 811,093 shares of the bank’s stock worth $16,757,000 after buying an additional 72,478 shares during the period. Royal Bank of Canada lifted its holdings in Summit Financial Group by 740.1% during the 3rd quarter. Royal Bank of Canada now owns 58,594 shares of the bank’s stock worth $1,579,000 after buying an additional 51,619 shares during the period. Finally, Alliancebernstein L.P. acquired a new position in Summit Financial Group during the 2nd quarter worth about $830,000. Institutional investors own 35.73% of the company’s stock.

Summit Financial Group Company Profile

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.