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 published on Monday. The firm issued a hold rating on the bank’s stock.

Summit Financial Group Stock Performance

Shares of SMMF stock opened at $25.03 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.92. Summit Financial Group has a 52 week low of $17.06 and a 52 week high of $31.49. The company’s 50 day moving average price is $26.30 and its two-hundred day moving average price is $25.86. The company has a market capitalization of $367.44 million, a P/E ratio of 6.55 and a beta of 0.38.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The company 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 13.99%. On average, analysts expect that Summit Financial Group will post 4 earnings per share for the current fiscal year.

Summit Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders 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 3.52%. Summit Financial Group’s dividend payout ratio is currently 23.04%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMMF. American Century Companies Inc. grew its stake in shares of Summit Financial Group by 28.4% during the 1st quarter. American Century Companies Inc. now owns 46,136 shares of the bank’s stock worth $1,181,000 after acquiring an additional 10,218 shares in the last quarter. MetLife Investment Management LLC grew its position in Summit Financial Group by 57.9% in the first quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock valued at $167,000 after purchasing an additional 2,396 shares in the last quarter. Panagora Asset Management Inc. bought a new position in Summit Financial Group in the first quarter valued at $267,000. Dimensional Fund Advisors LP increased its stake in Summit Financial Group by 3.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 275,587 shares of the bank’s stock valued at $7,052,000 after buying an additional 10,394 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in Summit Financial Group by 6.7% during the 1st quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock worth $283,000 after buying an additional 700 shares in the last quarter. 35.73% of the stock is currently owned by institutional investors.

Summit Financial Group Company Profile

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.