Summit Financial Group (SMMF) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a research report report published on Tuesday.

Several other brokerages have also issued reports on SMMF. Zacks Investment Research lowered shares of Summit Financial Group from a buy rating to a hold rating in a research note on Tuesday, April 3rd. ValuEngine lowered shares of Summit Financial Group from a buy rating to a hold rating in a research note on Wednesday, May 2nd.

Shares of NASDAQ SMMF opened at $27.22 on Tuesday. The firm has a market cap of $346.17 million, a P/E ratio of 14.40, a P/E/G ratio of 1.54 and a beta of 0.60. Summit Financial Group has a 12-month low of $20.93 and a 12-month high of $28.16. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 0.91.

Summit Financial Group (NASDAQ:SMMF) last issued its earnings results on Thursday, April 26th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The business had revenue of $22.13 million for the quarter, compared to analyst estimates of $21.60 million. Summit Financial Group had a net margin of 19.70% and a return on equity of 12.24%. equities research analysts predict that Summit Financial Group will post 2.25 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, June 14th. Summit Financial Group’s dividend payout ratio (DPR) is 27.51%.

In other Summit Financial Group news, Director Duke A. Mcdaniel sold 3,000 shares of the firm’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $25.38, for a total value of $76,140.00. Following the transaction, the director now directly owns 23,220 shares of the company’s stock, valued at $589,323.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles Piccirillo acquired 1,000 shares of the company’s stock in a transaction on Friday, May 4th. The stock was acquired at an average cost of $25.69 per share, for a total transaction of $25,690.00. Following the completion of the purchase, the director now directly owns 33,498 shares of the company’s stock, valued at approximately $860,563.62. The disclosure for this purchase can be found here. 7.97% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. ZPR Investment Management bought a new position in shares of Summit Financial Group in the first quarter valued at $918,000. Maltese Capital Management LLC lifted its stake in shares of Summit Financial Group by 103.0% in the first quarter. Maltese Capital Management LLC now owns 55,000 shares of the bank’s stock valued at $1,376,000 after buying an additional 27,900 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in shares of Summit Financial Group by 31.9% in the first quarter. Pacific Ridge Capital Partners LLC now owns 151,440 shares of the bank’s stock valued at $3,788,000 after buying an additional 36,630 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Summit Financial Group by 42.4% in the first quarter. Dimensional Fund Advisors LP now owns 80,684 shares of the bank’s stock valued at $2,018,000 after buying an additional 24,004 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Summit Financial Group by 35.3% in the first quarter. LSV Asset Management now owns 25,575 shares of the bank’s stock valued at $639,000 after buying an additional 6,675 shares in the last quarter. 25.72% of the stock is currently owned by hedge funds and other 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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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