Summit Financial Group (NASDAQ:SMMF) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Summit Financial Group (NASDAQ:SMMF) in a research note issued to investors on Sunday morning. The firm issued a hold rating on the bank’s stock.

Summit Financial Group Price Performance

Summit Financial Group stock opened at $26.20 on Friday. Summit Financial Group has a 52 week low of $17.06 and a 52 week high of $31.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. The firm’s 50-day simple moving average is $26.72 and its 200 day simple moving average is $25.76. The firm has a market capitalization of $384.62 million, a PE ratio of 6.89 and a beta of 0.38.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings data 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 net margin of 20.97% and a return on equity of 13.99%. The business had revenue of $72.32 million for the quarter. On average, equities research analysts predict that Summit Financial Group will post 4 EPS for the current fiscal year.

Summit Financial Group Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 3.36%. Summit Financial Group’s dividend payout ratio is presently 23.04%.

Institutional Investors Weigh In On Summit Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC lifted its holdings in Summit Financial Group by 234.2% in the 1st quarter. FMR LLC now owns 1,741 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,220 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Summit Financial Group by 430.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,057 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Summit Financial Group during the 2nd quarter valued at about $63,000. Lazard Asset Management LLC increased its stake in shares of Summit Financial Group by 56.0% during the 4th quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock valued at $66,000 after acquiring an additional 964 shares during the last quarter. Finally, Citigroup Inc. increased its stake in shares of Summit Financial Group by 334,500.0% during the 2nd quarter. Citigroup Inc. now owns 3,346 shares of the bank’s stock valued at $69,000 after acquiring an additional 3,345 shares during the last quarter. 35.73% of the stock is currently owned by hedge funds and other institutional investors.

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.