Summit Financial Group (NASDAQ:SMMF) Receives New Coverage from Analysts at StockNews.com

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

Summit Financial Group Trading Up 0.7 %

Shares of NASDAQ:SMMF opened at $26.20 on Friday. The stock has a market capitalization of $384.62 million, a price-to-earnings ratio of 6.89 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 company has a 50 day moving average price of $26.72 and a 200 day moving average price of $25.76. 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 (NASDAQ:SMMF) last released its quarterly earnings data on Thursday, January 25th. The bank reported $1.11 earnings per share 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 during the quarter. On average, research analysts anticipate that Summit Financial Group will post 4 EPS for the current fiscal year.

Summit Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Thursday, March 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 23.04%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its position in shares of Summit Financial Group by 9.8% in the second quarter. BlackRock Inc. now owns 811,093 shares of the bank’s stock worth $16,757,000 after purchasing an additional 72,478 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Summit Financial Group by 77.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock valued at $20,358,000 after buying an additional 288,487 shares during the period. Vanguard Group Inc. boosted its stake in shares of Summit Financial Group by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 569,002 shares of the bank’s stock valued at $17,463,000 after buying an additional 5,515 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Summit Financial Group by 2.2% during the 1st quarter. Renaissance Technologies LLC now owns 236,735 shares of the bank’s stock valued at $6,058,000 after acquiring an additional 5,002 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Summit Financial Group by 9.3% in the second quarter. Geode Capital Management LLC now owns 226,549 shares of the bank’s stock worth $4,681,000 after acquiring an additional 19,289 shares during the last quarter. Hedge funds and other institutional investors 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.