Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have earned a consensus broker rating score of 3.00 (Hold) from the one brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation.
Brokers have set a twelve-month consensus target price of $28.00 for the company and are predicting that the company will post $0.51 earnings per share for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 122 out of 265 based on the ratings given to its competitors.
Several equities analysts recently commented on the company. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. BidaskClub lowered Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, January 26th.
In related news, Director Duke A. Mcdaniel sold 3,889 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $23.50, for a total transaction of $91,391.50. Following the transaction, the director now directly owns 24,220 shares of the company’s stock, valued at approximately $569,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary L. Hinkle purchased 3,628 shares of Summit Financial Group stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average cost of $23.26 per share, for a total transaction of $84,387.28. Following the completion of the transaction, the director now directly owns 372,227 shares in the company, valued at approximately $8,658,000.02. The disclosure for this purchase can be found here. Insiders own 22.82% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC acquired a new position in Summit Financial Group during the 4th quarter worth approximately $150,000. First Trust Advisors LP acquired a new position in shares of Summit Financial Group in the 4th quarter valued at approximately $394,000. Wells Fargo & Company MN raised its position in shares of Summit Financial Group by 37.9% in the 3rd quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after purchasing an additional 4,161 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Summit Financial Group by 14.9% in the 2nd quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock valued at $424,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Argent Capital Management LLC acquired a new position in shares of Summit Financial Group in the 3rd quarter valued at approximately $660,000. 25.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:SMMF opened at $24.97 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Summit Financial Group has a 1 year low of $20.01 and a 1 year high of $28.16. The stock has a market cap of $311.26, a PE ratio of 13.80, a PEG ratio of 1.45 and a beta of 0.61.
Summit Financial Group (NASDAQ:SMMF) last issued its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.01). The firm had revenue of $21.37 million for the quarter, compared to analysts’ expectations of $23.20 million. Summit Financial Group had a return on equity of 11.57% and a net margin of 12.04%. sell-side analysts forecast that Summit Financial Group will post 2.15 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Thursday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.11. This represents a $0.52 annualized dividend and a yield of 2.08%. Summit Financial Group’s payout ratio is 27.51%.
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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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.
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