Brokerages Set $26.00 Target Price for Summit Financial Group, Inc. (NASDAQ:SMMF)

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Summit Financial Group, Inc. (NASDAQ:SMMF) has received a consensus broker rating score of 3.00 (Hold) from the one brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating.

Analysts have set a 12 month consensus price objective of $26.00 for the company and are forecasting that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 203 out of 256 based on the ratings given to its competitors.

SMMF has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. BidaskClub raised shares of Zillow Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd.

In related news, CAO Julie R. Markwood sold 1,500 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $25.70, for a total value of $38,550.00. Following the transaction, the chief accounting officer now owns 3,185 shares in the company, valued at $81,854.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Patrick Frye sold 2,060 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $25.61, for a total value of $52,756.60. Following the completion of the transaction, the vice president now owns 30,965 shares in the company, valued at approximately $793,013.65. The disclosure for this sale can be found here. Insiders sold 7,339 shares of company stock valued at $188,125 over the last three months. 2.62% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. grew its holdings in Summit Financial Group by 60.5% during the first quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock valued at $29,000 after purchasing an additional 417 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Summit Financial Group by 520.8% during the first quarter. BNP Paribas Arbitrage SA now owns 2,328 shares of the bank’s stock valued at $62,000 after purchasing an additional 1,953 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in Summit Financial Group by 352.2% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock valued at $78,000 after purchasing an additional 3,131 shares during the last quarter. Burney Co. acquired a new position in Summit Financial Group during the first quarter valued at approximately $253,000. Finally, Bank of America Corp DE grew its holdings in Summit Financial Group by 40.3% during the fourth quarter. Bank of America Corp DE now owns 11,826 shares of the bank’s stock valued at $228,000 after purchasing an additional 3,399 shares during the last quarter. Institutional investors own 25.51% of the company’s stock.

Shares of Summit Financial Group stock traded up $0.06 during trading on Thursday, hitting $26.40. 7 shares of the stock were exchanged, compared to its average volume of 21,118. The company has a fifty day moving average of $25.91. The stock has a market cap of $335.65 million, a PE ratio of 11.68, a PEG ratio of 1.52 and a beta of 0.95. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.09. Summit Financial Group has a 12 month low of $17.94 and a 12 month high of $27.43.

Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The company had revenue of $22.80 million during the quarter, compared to analyst estimates of $22.87 million. Summit Financial Group had a net margin of 24.07% and a return on equity of 12.65%. Sell-side analysts expect that Summit Financial Group will post 2.23 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.27%. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, June 13th. Summit Financial Group’s dividend payout ratio is 26.55%.

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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