BidaskClub downgraded shares of Summit Financial Group (NASDAQ:SMMF) from a buy rating to a hold rating in a research note issued to investors on Tuesday, BidAskClub reports.

Separately, Zacks Investment Research raised Summit Financial Group from a hold rating to a strong-buy rating and set a $30.00 price target for the company in a research note on Thursday, May 2nd.

SMMF opened at $25.92 on Tuesday. Summit Financial Group has a 12 month low of $17.94 and a 12 month high of $28.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $321.52 million, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.41 and a beta of 0.93.

Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, April 25th. The bank reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. Summit Financial Group had a return on equity of 12.65% and a net margin of 24.07%. The firm had revenue of $22.80 million for the quarter, compared to analysts’ expectations of $22.87 million. As a group, research analysts expect that Summit Financial Group will post 2.23 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, June 13th. Summit Financial Group’s dividend payout ratio (DPR) is presently 24.78%.

In other Summit Financial Group news, CAO Julie R. Markwood sold 1,500 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $25.70, for a total transaction of $38,550.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,185 shares of the company’s stock, valued at approximately $81,854.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Patrick Frye sold 3,779 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $25.62, for a total value of $96,817.98. Following the transaction, the vice president now directly owns 34,805 shares of the company’s stock, valued at $891,704.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,339 shares of company stock valued at $188,125. 2.62% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Ramsey Quantitative Systems boosted its stake in shares of Summit Financial Group by 57.2% during the 4th quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock worth $109,000 after acquiring an additional 2,048 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Summit Financial Group by 6.9% during the 4th quarter. Prudential Financial Inc. now owns 13,530 shares of the bank’s stock worth $261,000 after acquiring an additional 871 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Summit Financial Group by 2.7% during the 4th quarter. BlackRock Inc. now owns 573,586 shares of the bank’s stock worth $11,075,000 after acquiring an additional 15,012 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Summit Financial Group by 352.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock worth $78,000 after acquiring an additional 3,131 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Summit Financial Group by 1.0% during the 4th quarter. Northern Trust Corp now owns 119,190 shares of the bank’s stock worth $2,301,000 after acquiring an additional 1,226 shares in the last quarter. 25.51% of the stock is 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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