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

StockNews.com initiated coverage on shares of Summit Financial Group (NASDAQ:SMMFFree Report) in a research report report published on Monday. The brokerage issued a buy rating on the bank’s stock.

Summit Financial Group Stock Down 2.5 %

SMMF opened at $25.70 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.92 and a quick ratio of 0.92. Summit Financial Group has a one year low of $17.06 and a one year high of $31.49. The firm has a market capitalization of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. The company has a fifty day moving average price of $26.14 and a 200-day moving average price of $26.34.

Summit Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.22 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.42%. Summit Financial Group’s payout ratio is 22.68%.

Institutional Investors Weigh In On Summit Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of SMMF. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Summit Financial Group in the fourth quarter worth about $870,000. Cerity Partners LLC purchased a new position in shares of Summit Financial Group during the fourth quarter valued at approximately $238,000. Axxcess Wealth Management LLC raised its holdings in shares of Summit Financial Group by 3.8% during the fourth quarter. Axxcess Wealth Management LLC now owns 52,849 shares of the bank’s stock valued at $1,622,000 after acquiring an additional 1,954 shares in the last quarter. SG Americas Securities LLC lifted its stake in Summit Financial Group by 24.0% in the fourth quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock worth $187,000 after acquiring an additional 1,180 shares during the period. Finally, EJF Capital LLC purchased a new position in Summit Financial Group during the 3rd quarter valued at $2,804,000. Institutional investors own 35.73% of the company’s stock.

About Summit Financial Group

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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.

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