Summit Financial Group (NASDAQ:SMMF) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Summit Financial Group (NASDAQ:SMMFFree Report) in a research note published on Wednesday. The brokerage issued a hold rating on the bank’s stock.

Summit Financial Group Price Performance

Shares of Summit Financial Group stock opened at $26.55 on Wednesday. Summit Financial Group has a 52-week low of $17.06 and a 52-week high of $31.49. The stock has a market capitalization of $389.75 million, a price-to-earnings ratio of 6.95 and a beta of 0.38. The company has a fifty day moving average of $27.97 and a 200-day moving average of $25.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.90 and a current ratio of 0.90.

Summit Financial Group (NASDAQ:SMMFGet Free Report) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 earnings per share 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 14.35%. Equities research analysts expect that Summit Financial Group will post 4 EPS for the current year.

Summit Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.22 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.88 annualized dividend and a yield of 3.31%. Summit Financial Group’s dividend payout ratio (DPR) is presently 23.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. LPL Financial LLC bought a new stake in Summit Financial Group during the 2nd quarter valued at about $815,000. Bank of Montreal Can purchased a new stake in shares of Summit Financial Group during the 2nd quarter valued at about $270,000. EJF Capital LLC purchased a new stake in shares of Summit Financial Group during the 3rd quarter valued at about $2,804,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Summit Financial Group by 112.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock valued at $64,000 after acquiring an additional 1,647 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Summit Financial Group by 146.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 61,488 shares of the bank’s stock valued at $1,270,000 after acquiring an additional 36,499 shares during the last quarter. 28.35% of the stock is currently owned by institutional investors.

Summit Financial Group Company Profile

(Get Free Report)

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.

Further Reading

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