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 note released on Tuesday morning. The brokerage issued a hold rating on the bank’s stock.

Summit Financial Group Price Performance

Shares of NASDAQ:SMMF opened at $27.41 on Tuesday. The business’s 50 day simple moving average is $26.28 and its 200-day simple moving average is $26.01. The firm has a market capitalization of $402.38 million, a price-to-earnings ratio of 7.18 and a beta of 0.38. 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 12 month low of $17.06 and a 12 month high of $31.49.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping the consensus estimate 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 business had revenue of $72.32 million for the quarter. As a group, equities analysts forecast that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Summit Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors 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 annualized dividend and a dividend yield of 3.21%. Summit Financial Group’s dividend payout ratio is currently 23.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SMMF. SG Americas Securities LLC acquired a new position in shares of Summit Financial Group during the 3rd quarter worth approximately $111,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Summit Financial Group during the 3rd quarter worth approximately $585,000. Burney Co. acquired a new position in shares of Summit Financial Group during the 3rd quarter worth approximately $215,000. Axxcess Wealth Management LLC raised its position in shares of Summit Financial Group by 0.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock worth $1,147,000 after purchasing an additional 450 shares during the last quarter. Finally, EJF Capital LLC acquired a new position in shares of Summit Financial Group during the 3rd quarter worth approximately $2,804,000. 35.73% of the stock is currently owned by institutional investors and hedge funds.

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.