Summit Financial Group, Inc. (NASDAQ:SMMF) has received a consensus broker rating score of 3.00 (Hold) from the one brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating.
Analysts have set a 1-year consensus price target of $28.00 for the company and are anticipating 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 115 out of 265 based on the ratings given to related companies.
Several analysts have recently weighed in on the stock. BidaskClub lowered shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, February 13th. Zacks Investment Research lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data on Thursday, February 1st. The bank reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.01). The firm had revenue of $21.37 million for the quarter, compared to analyst estimates of $23.20 million. Summit Financial Group had a return on equity of 11.57% and a net margin of 12.04%. equities research analysts forecast that Summit Financial Group will post 2.15 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.04%. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.11. Summit Financial Group’s dividend payout ratio (DPR) is currently 46.32%.
In related news, Director Gary L. Hinkle purchased 3,628 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $23.26 per share, with a total value of $84,387.28. Following the completion of the acquisition, the director now directly owns 372,227 shares in the company, valued at approximately $8,658,000.02. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Duke A. Mcdaniel sold 3,889 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $23.50, for a total transaction of $91,391.50. Following the completion of the sale, the director now directly owns 24,220 shares of the company’s stock, valued at approximately $569,170. The disclosure for this sale can be found here. In the last three months, insiders sold 10,791 shares of company stock valued at $275,134. 22.82% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Nationwide Fund Advisors increased its holdings in shares of Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after purchasing an additional 1,328 shares in the last quarter. MetLife Investment Advisors LLC acquired a new stake in shares of Summit Financial Group in the fourth quarter valued at approximately $150,000. Chicago Equity Partners LLC acquired a new stake in shares of Summit Financial Group in the third quarter valued at approximately $247,000. New York State Common Retirement Fund increased its holdings in shares of Summit Financial Group by 133.1% in the second quarter. New York State Common Retirement Fund now owns 14,182 shares of the bank’s stock valued at $312,000 after purchasing an additional 8,098 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Summit Financial Group by 37.9% in the third 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. 25.29% of the stock is owned by institutional investors and hedge funds.
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Summit Financial Group Company Profile
Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).
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