Zacks Investment Research upgraded shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $24.00 price objective on the bank’s stock.

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 cut shares of Summit Financial Group from a sell rating to a strong sell rating in a report on Monday, July 24th.

Summit Financial Group (SMMF) traded up 0.46% during trading on Wednesday, hitting $21.99. The stock had a trading volume of 11,504 shares. The stock’s 50 day moving average price is $21.69 and its 200 day moving average price is $21.93. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06. The firm has a market cap of $273.25 million, a P/E ratio of 19.43 and a beta of 1.02.

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The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Friday, September 15th will be issued a $0.11 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.44 dividend on an annualized basis and a yield of 2.00%. Summit Financial Group’s dividend payout ratio is currently 39.29%.

In other Summit Financial Group news, Director Charles Piccirillo bought 1,407 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were purchased at an average price of $21.69 per share, with a total value of $30,517.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary L. Hinkle bought 5,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average cost of $21.98 per share, for a total transaction of $109,900.00. Following the acquisition, the director now directly owns 361,276 shares of the company’s stock, valued at $7,940,846.48. The disclosure for this purchase can be found here. Insiders acquired 16,407 shares of company stock worth $358,218 in the last three months. 22.82% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the company. Summit Financial Group Inc. acquired a new position in shares of Summit Financial Group during the second quarter worth about $5,402,000. Context BH Capital Management LP acquired a new position in shares of Summit Financial Group during the second quarter worth about $2,494,000. State Street Corp boosted its position in shares of Summit Financial Group by 25.9% in the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after buying an additional 29,866 shares in the last quarter. Northern Trust Corp boosted its position in shares of Summit Financial Group by 31.7% in the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock worth $2,520,000 after buying an additional 27,551 shares in the last quarter. Finally, River Oaks Capital LLC boosted its stake in Summit Financial Group by 71.2% in the second quarter. River Oaks Capital LLC now owns 57,500 shares of the bank’s stock worth $1,265,000 after buying an additional 23,919 shares during the period. 21.40% of the stock is currently owned by hedge funds and other institutional investors.

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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