Summit Financial Group (SMMF) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Summit Financial Group (NASDAQ:SMMF) from a buy rating to a hold rating in a research note released on Tuesday.

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. “

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Separately, BidaskClub cut Summit Financial Group from a buy rating to a hold rating in a report on Thursday, December 21st.

NASDAQ SMMF opened at $24.97 on Tuesday. The company has a market capitalization of $310.64, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.45 and a beta of 0.61. Summit Financial Group has a fifty-two week low of $20.01 and a fifty-two week high of $28.16. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.01). The company had revenue of $21.37 million during the quarter, compared to analysts’ expectations of $23.20 million. Summit Financial Group had a return on equity of 11.57% and a net margin of 12.04%. sell-side analysts forecast that Summit Financial Group will post 2.15 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Thursday, March 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Wednesday, March 14th. This is a boost from Summit Financial Group’s previous quarterly dividend of $0.11. Summit Financial Group’s dividend payout ratio is currently 27.51%.

In related news, Director Gary L. Hinkle purchased 3,628 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average price of $23.26 per share, for a total transaction of $84,387.28. Following the acquisition, the director now directly owns 372,227 shares in the company, valued at $8,658,000.02. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Duke A. Mcdaniel sold 3,889 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $23.50, for a total value of $91,391.50. Following the completion of the transaction, the director now owns 24,220 shares of the company’s stock, valued at approximately $569,170. The disclosure for this sale can be found here. 22.82% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its holdings in Summit Financial Group by 14.9% in the 2nd quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock worth $424,000 after acquiring an additional 2,500 shares during the period. Geode Capital Management LLC boosted its stake in shares of Summit Financial Group by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 70,831 shares of the bank’s stock valued at $1,864,000 after buying an additional 2,714 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Summit Financial Group by 37.9% during the 3rd quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after buying an additional 4,161 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Summit Financial Group by 14.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 38,052 shares of the bank’s stock valued at $976,000 after buying an additional 4,890 shares during the last quarter. Finally, MetLife Investment Advisors LLC purchased a new position in shares of Summit Financial Group during the 4th quarter valued at approximately $150,000. Hedge funds and other institutional investors own 25.06% of the company’s stock.

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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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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