Summit Financial Group (NASDAQ:SMMF) Shares Pass Above 200-Day Moving Average of $26.95

Summit Financial Group, Inc. (NASDAQ:SMMFGet Rating) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $26.95 and traded as high as $29.74. Summit Financial Group shares last traded at $29.68, with a volume of 9,689 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on SMMF shares. Piper Sandler decreased their price target on Summit Financial Group to $31.50 in a report on Monday, July 4th. StockNews.com cut Summit Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 29th. Finally, DA Davidson reiterated a “neutral” rating on shares of Summit Financial Group in a research note on Wednesday, July 27th.

Summit Financial Group Price Performance

The company has a 50 day moving average of $28.01 and a 200-day moving average of $26.95. The stock has a market capitalization of $378.98 million, a P/E ratio of 8.04 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39.

Summit Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Tuesday, June 14th. Summit Financial Group’s dividend payout ratio (DPR) is presently 19.51%.

Hedge Funds Weigh In On Summit Financial Group

Large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in Summit Financial Group in the fourth quarter worth $188,000. River Oaks Capital LLC acquired a new stake in Summit Financial Group in the fourth quarter worth $2,265,000. NTV Asset Management LLC acquired a new stake in Summit Financial Group in the fourth quarter worth $216,000. BHZ Capital Management LP increased its position in Summit Financial Group by 40.9% in the fourth quarter. BHZ Capital Management LP now owns 15,196 shares of the bank’s stock worth $417,000 after buying an additional 4,414 shares during the period. Finally, American Century Companies Inc. increased its position in Summit Financial Group by 35.7% in the fourth quarter. American Century Companies Inc. now owns 35,918 shares of the bank’s stock worth $986,000 after buying an additional 9,443 shares during the period. 35.03% of the stock is currently owned by institutional investors.

Summit Financial Group Company Profile

(Get Rating)

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.

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