Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have earned an average broker rating score of 3.00 (Hold) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating.
Brokerages have set a twelve-month consensus price objective of $26.00 for the company and are forecasting that the company will post $0.54 EPS for the current quarter, according to Zacks. Zacks has also assigned Summit Financial Group an industry rank of 94 out of 256 based on the ratings given to its competitors.
Several equities analysts have issued reports on the stock. BidaskClub upgraded shares of Summit Financial Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Zacks Investment Research upgraded shares of Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research note on Thursday, May 2nd.
Summit Financial Group (NASDAQ:SMMF) last issued its earnings results on Thursday, April 25th. The bank reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. The firm had revenue of $22.80 million during the quarter, compared to the consensus estimate of $22.87 million. Summit Financial Group had a net margin of 24.07% and a return on equity of 12.65%. On average, equities analysts forecast that Summit Financial Group will post 2.23 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, June 13th. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.14. Summit Financial Group’s dividend payout ratio is currently 24.78%.
In other news, CAO Julie R. Markwood sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $25.70, for a total value of $38,550.00. Following the completion of the sale, the chief accounting officer now directly owns 3,185 shares of the company’s stock, valued at $81,854.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Patrick Frye sold 2,060 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $25.61, for a total transaction of $52,756.60. Following the completion of the sale, the vice president now directly owns 30,965 shares of the company’s stock, valued at $793,013.65. The disclosure for this sale can be found here. Insiders sold 7,339 shares of company stock valued at $188,125 in the last 90 days. 2.62% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. raised its holdings in shares of Summit Financial Group by 60.5% in the first quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock valued at $29,000 after buying an additional 417 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Summit Financial Group by 520.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,328 shares of the bank’s stock valued at $62,000 after buying an additional 1,953 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in shares of Summit Financial Group by 352.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock valued at $78,000 after buying an additional 3,131 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Summit Financial Group during the first quarter worth about $105,000. Finally, Ramsey Quantitative Systems raised its holdings in Summit Financial Group by 57.2% during the fourth quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock worth $109,000 after purchasing an additional 2,048 shares in the last quarter. 25.51% of the stock is owned by institutional investors and hedge funds.
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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