Summit Financial Group (NASDAQ:SMMF) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a report issued on Thursday morning.

Summit Financial Group Trading Down 2.5 %

Summit Financial Group stock traded down $0.66 during mid-day trading on Thursday, hitting $25.70. The company’s stock had a trading volume of 278,100 shares, compared to its average volume of 27,319. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.92. The company has a 50 day moving average of $26.22 and a 200-day moving average of $26.22. Summit Financial Group has a one year low of $17.06 and a one year high of $31.49. The stock has a market cap of $377.28 million, a PE ratio of 6.62 and a beta of 0.39.

Summit Financial Group Announces Dividend

The company also recently announced 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. This represents a $0.88 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date was Thursday, March 14th. Summit Financial Group’s dividend payout ratio (DPR) is presently 22.68%.

Institutional Trading of Summit Financial Group

A number of hedge funds have recently added to or reduced their stakes in the business. First United Bank & Trust bought a new position in shares of Summit Financial Group during the fourth quarter valued at approximately $70,000. SG Americas Securities LLC bought a new position in shares of Summit Financial Group during the third quarter valued at approximately $111,000. Hillsdale Investment Management Inc. bought a new position in shares of Summit Financial Group during the fourth quarter valued at approximately $187,000. Burney Co. bought a new position in shares of Summit Financial Group during the third quarter valued at approximately $215,000. Finally, Cerity Partners LLC bought a new position in shares of Summit Financial Group during the fourth quarter valued at approximately $238,000. 35.73% of the stock is 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.