Summit Financial Group, Inc. (SMMF) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a buy rating to a hold rating in a report published on Tuesday morning.
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. “
Several other analysts have also weighed in on the stock. BidaskClub lowered shares of Summit Financial Group from a sell rating to a strong sell rating in a research note on Monday, July 24th. Sandler O’Neill lowered shares of Summit Financial Group from a buy rating to a hold rating and lifted their price objective for the company from $25.00 to $26.00 in a research note on Monday, September 25th.
Summit Financial Group (NASDAQ:SMMF) traded down 3.17% on Tuesday, hitting $25.66. 21,109 shares of the stock traded hands. Summit Financial Group has a 1-year low of $18.05 and a 1-year high of $30.06. The stock has a 50-day moving average price of $22.14 and a 200 day moving average price of $21.77. The company has a market cap of $318.85 million, a price-to-earnings ratio of 22.67 and a beta of 1.02.
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The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Friday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.44 annualized dividend and a dividend yield of 1.71%. Summit Financial Group’s dividend payout ratio is currently 39.29%.
In other Summit Financial Group news, Director Gary L. Hinkle purchased 10,000 shares of Summit Financial Group stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average price of $21.78 per share, with a total value of $217,800.00. Following the transaction, the director now owns 320,978 shares in the company, valued at approximately $6,990,900.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary L. Hinkle purchased 5,000 shares of Summit Financial Group stock in a transaction that occurred on Thursday, August 3rd. The stock was acquired at an average cost of $21.98 per share, with a total value of $109,900.00. Following the transaction, the director now owns 361,276 shares in the company, valued at approximately $7,940,846.48. The disclosure for this purchase can be found here. Company insiders own 22.82% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SMMF. California State Teachers Retirement System boosted its holdings in Summit Financial Group by 14.9% during the 2nd quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock worth $424,000 after acquiring an additional 2,500 shares during the last quarter. State Street Corp boosted its holdings in Summit Financial Group by 25.9% during the 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after acquiring an additional 29,866 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Summit Financial Group by 0.8% during the 2nd quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock worth $1,741,000 after acquiring an additional 600 shares during the last quarter. Stifel Financial Corp purchased a new position in Summit Financial Group during the 2nd quarter worth $207,000. Finally, OxFORD Asset Management LLP purchased a new position in Summit Financial Group during the 2nd quarter worth $285,000. 21.40% of the stock is owned by institutional investors and hedge funds.
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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