Summit Financial Group (NASDAQ:SMMF) Now Covered by Analysts at StockNews.com

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

Summit Financial Group Price Performance

Shares of NASDAQ SMMF opened at $25.08 on Monday. The company has a market capitalization of $368.17 million, a price-to-earnings ratio of 6.57 and a beta of 0.38. 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 simple moving average of $26.27 and a two-hundred day simple moving average of $25.85. Summit Financial Group has a fifty-two week low of $17.06 and a fifty-two week high of $31.49.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 earnings per share for the quarter, beating 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%. Analysts expect that Summit Financial Group will post 4 EPS for the current fiscal year.

Summit Financial Group Announces Dividend

The company also recently declared 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. This represents a $0.88 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, March 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 23.04%.

Institutional Investors Weigh In On Summit Financial Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Summit Financial Group by 9.8% during the second quarter. BlackRock Inc. now owns 811,093 shares of the bank’s stock valued at $16,757,000 after acquiring an additional 72,478 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Summit Financial Group by 77.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 663,348 shares of the bank’s stock valued at $20,358,000 after acquiring an additional 288,487 shares in the last quarter. Vanguard Group Inc. grew its position in Summit Financial Group by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 569,002 shares of the bank’s stock worth $17,463,000 after purchasing an additional 5,515 shares during the period. Renaissance Technologies LLC grew its position in Summit Financial Group by 2.2% in the 1st quarter. Renaissance Technologies LLC now owns 236,735 shares of the bank’s stock worth $6,058,000 after purchasing an additional 5,002 shares during the period. Finally, Geode Capital Management LLC grew its position in Summit Financial Group by 9.3% in the 2nd quarter. Geode Capital Management LLC now owns 226,549 shares of the bank’s stock worth $4,681,000 after purchasing an additional 19,289 shares during the period. Institutional investors own 35.73% of the company’s stock.

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.