Summit Financial Group, Inc. (SMMF) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a buy rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “
Separately, BidaskClub lowered Summit Financial Group from a hold rating to a sell rating in a report on Friday, August 25th.
Summit Financial Group (NASDAQ SMMF) opened at 21.99 on Tuesday. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06. The stock has a market capitalization of $273.25 million, a P/E ratio of 19.43 and a beta of 1.02. The firm’s 50-day moving average price is $21.69 and its 200 day moving average price is $21.93.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Friday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Thursday, September 14th. Summit Financial Group’s dividend payout ratio is currently 39.29%.
In other news, Director Charles Piccirillo acquired 1,407 shares of Summit Financial Group stock in a transaction that occurred on Friday, June 23rd. The stock was purchased at an average price of $21.69 per share, for a total transaction of $30,517.83. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas J. Hawse III sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $22.00, for a total transaction of $66,000.00. Following the completion of the sale, the director now owns 95,132 shares of the company’s stock, valued at approximately $2,092,904. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 16,407 shares of company stock valued at $358,218. 22.82% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. HighTower Advisors LLC increased its stake in Summit Financial Group by 0.8% in the second quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock worth $1,741,000 after buying an additional 600 shares during the last quarter. Nationwide Fund Advisors increased its position 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 buying an additional 1,328 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Summit Financial Group by 7.1% in the second quarter. TIAA CREF Investment Management LLC now owns 27,789 shares of the bank’s stock valued at $611,000 after buying an additional 1,841 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Summit Financial Group by 14.9% in the second quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock valued at $424,000 after buying an additional 2,500 shares in the last quarter. Finally, Teachers Advisors LLC increased its position in shares of Summit Financial Group by 43.4% in the second quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock valued at $442,000 after buying an additional 6,084 shares in the last quarter. Institutional investors own 21.40% of the company’s stock.
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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