Zacks Investment Research upgraded shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $25.00 price target on the bank’s stock.
According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “
Separately, BidaskClub cut Summit Financial Group from a sell rating to a strong sell rating in a research report on Monday, July 24th.
Shares of Summit Financial Group (NASDAQ:SMMF) opened at 22.84 on Tuesday. The stock has a 50 day moving average of $21.82 and a 200 day moving average of $21.81. Summit Financial Group has a 52 week low of $18.05 and a 52 week high of $30.06. The firm has a market cap of $283.81 million, a P/E ratio of 20.18 and a beta of 1.02.
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The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, September 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 39.29%.
In related news, Director Charles Piccirillo bought 1,407 shares of Summit Financial Group stock in a transaction dated Friday, June 23rd. The shares were bought at an average cost of $21.69 per share, with a total value of $30,517.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gary L. Hinkle bought 5,000 shares of Summit Financial Group stock in a transaction dated Thursday, August 3rd. The shares were bought at an average cost of $21.98 per share, for a total transaction of $109,900.00. Following the completion of the acquisition, the director now owns 361,276 shares in the company, valued at approximately $7,940,846.48. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 16,407 shares of company stock worth $358,218. 22.82% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMF. Nationwide Fund Advisors grew its holdings in shares of Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after purchasing an additional 1,328 shares in the last quarter. Stifel Financial Corp acquired a new stake in shares of Summit Financial Group during the 2nd quarter worth $207,000. Rhumbline Advisers acquired a new stake in shares of Summit Financial Group during the 2nd quarter worth $255,000. Darrell & King LLC acquired a new stake in shares of Summit Financial Group during the 2nd quarter worth $263,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of Summit Financial Group during the 2nd quarter worth $285,000. 21.40% of the stock is currently owned by institutional investors.
Summit Financial Group Company Profile
Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).
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