Somewhat Positive Media Coverage Somewhat Unlikely to Affect Summit Financial Group (SMMF) Share Price
Press coverage about Summit Financial Group (NASDAQ:SMMF) has trended somewhat positive on Saturday, according to Accern Sentiment Analysis. The research group identifies positive and negative press coverage by analyzing more than twenty million news and blog sources. Accern ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Summit Financial Group earned a news sentiment score of 0.04 on Accern’s scale. Accern also assigned media headlines about the bank an impact score of 45.7754653633946 out of 100, indicating that recent press coverage is somewhat unlikely to have an effect on the company’s share price in the near term.
Several brokerages have recently weighed in on SMMF. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday. Sandler O’Neill lowered Summit Financial Group from a “buy” rating to a “hold” rating and upped their price objective for the company from $25.00 to $26.00 in a report on Monday, September 25th. Finally, BidaskClub lowered Summit Financial Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th.
Shares of Summit Financial Group (NASDAQ:SMMF) traded down 3.17% during mid-day trading on Friday, hitting $25.66. The stock had a trading volume of 21,109 shares. The stock has a market cap of $318.85 million, a price-to-earnings ratio of 22.67 and a beta of 1.02. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06. The firm’s 50-day moving average price is $22.14 and its 200 day moving average price is $21.77.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.11 per share. 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 payout ratio is currently 39.29%.
In other news, Director Duke A. Mcdaniel sold 3,125 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $24.32, for a total transaction of $76,000.00. Following the completion of the sale, the director now owns 28,109 shares in the company, valued at approximately $683,610.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gary L. Hinkle acquired 5,000 shares of Summit Financial Group stock in a transaction that occurred on Thursday, August 3rd. The stock was acquired at an average price of $21.98 per share, with a total value of $109,900.00. Following the completion of the purchase, the director now directly 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.
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About Summit Financial Group
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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