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

StockNews.com began coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research report released on Tuesday morning. The brokerage issued a hold rating on the bank’s stock.

Summit Financial Group Stock Down 1.1 %

Summit Financial Group stock opened at $27.41 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $402.38 million, a price-to-earnings ratio of 7.18 and a beta of 0.38. Summit Financial Group has a 1-year low of $17.06 and a 1-year high of $31.49. The business has a fifty day moving average price of $26.28 and a 200-day moving average price of $26.01.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Summit Financial Group had a return on equity of 13.99% and a net margin of 20.97%. The company had revenue of $72.32 million during the quarter. Equities research analysts forecast that Summit Financial Group will post 4 EPS for the current fiscal year.

Summit Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.22 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.21%. Summit Financial Group’s dividend payout ratio is currently 23.04%.

Institutional Trading of Summit Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Summit Financial Group during the 4th quarter valued at about $870,000. SG Americas Securities LLC raised its stake in shares of Summit Financial Group by 24.0% during the 4th quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock valued at $187,000 after buying an additional 1,180 shares during the last quarter. EJF Capital LLC purchased a new position in shares of Summit Financial Group during the 3rd quarter valued at about $2,804,000. Axxcess Wealth Management LLC increased its stake in shares of Summit Financial Group by 0.9% in the 3rd quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock valued at $1,147,000 after purchasing an additional 450 shares in the last quarter. Finally, Burney Co. acquired a new position in Summit Financial Group in the 3rd quarter worth about $215,000. Institutional investors and hedge funds own 35.73% of the company’s stock.

About Summit Financial Group

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.