Summit Financial Group (SMMF) Raised to Hold at BidaskClub
BidaskClub upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a sell rating to a hold rating in a report released on Tuesday.
SMMF has been the subject of a number of other reports. Zacks Investment Research upgraded Summit Financial Group from a sell rating to a hold rating in a report on Wednesday, September 26th. ValuEngine downgraded Summit Financial Group from a hold rating to a sell rating in a report on Monday, September 24th.
NASDAQ SMMF opened at $22.09 on Tuesday. The firm has a market capitalization of $280.61 million, a P/E ratio of 11.69, a P/E/G ratio of 1.28 and a beta of 0.64. Summit Financial Group has a twelve month low of $21.42 and a twelve month high of $28.16. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.91.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.52 dividend on an annualized basis and a yield of 2.35%. Summit Financial Group’s payout ratio is currently 27.51%.
A number of institutional investors have recently modified their holdings of SMMF. Dimensional Fund Advisors LP grew its holdings in Summit Financial Group by 42.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 80,684 shares of the bank’s stock worth $2,018,000 after acquiring an additional 24,004 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Summit Financial Group by 13.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock worth $616,000 after acquiring an additional 2,653 shares during the period. BlackRock Inc. grew its holdings in Summit Financial Group by 9.7% during the 2nd quarter. BlackRock Inc. now owns 554,122 shares of the bank’s stock worth $14,873,000 after acquiring an additional 49,099 shares during the period. PNC Financial Services Group Inc. acquired a new stake in Summit Financial Group during the 2nd quarter worth about $110,000. Finally, Zacks Investment Management acquired a new stake in Summit Financial Group during the 2nd quarter worth about $206,000. Hedge funds and other institutional investors own 26.09% of the company’s stock.
Summit Financial Group Company Profile
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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