Summit Financial Group (NASDAQ:SMMF) Downgraded by StockNews.com

StockNews.com cut shares of Summit Financial Group (NASDAQ:SMMFGet Rating) from a strong-buy rating to a buy rating in a research note released on Monday.

A number of other equities research analysts have also commented on SMMF. Piper Sandler increased their price target on Summit Financial Group to $31.00 in a research report on Tuesday, November 1st. DA Davidson restated a neutral rating on shares of Summit Financial Group in a research note on Wednesday, July 27th.

Summit Financial Group Trading Down 1.0 %

NASDAQ SMMF opened at $28.59 on Monday. The firm has a market capitalization of $365.38 million, a P/E ratio of 7.37 and a beta of 0.38. The business has a fifty day simple moving average of $28.10 and a 200 day simple moving average of $28.11. Summit Financial Group has a 12 month low of $24.27 and a 12 month high of $30.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38.

Summit Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, December 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.80%. Summit Financial Group’s dividend payout ratio (DPR) is presently 20.62%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its stake in Summit Financial Group by 3.0% in the 2nd quarter. Rhumbline Advisers now owns 15,859 shares of the bank’s stock valued at $441,000 after purchasing an additional 467 shares during the period. Goldman Sachs Group Inc. grew its stake in Summit Financial Group by 4.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,741 shares of the bank’s stock valued at $300,000 after purchasing an additional 522 shares during the period. BNP Paribas Arbitrage SNC grew its stake in shares of Summit Financial Group by 17.9% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 3,589 shares of the bank’s stock worth $97,000 after acquiring an additional 546 shares during the period. Prudential Financial Inc. grew its stake in shares of Summit Financial Group by 6.7% during the 1st quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock worth $283,000 after acquiring an additional 700 shares during the period. Finally, Strs Ohio grew its stake in shares of Summit Financial Group by 5.8% during the 2nd quarter. Strs Ohio now owns 14,700 shares of the bank’s stock worth $408,000 after acquiring an additional 800 shares during the period. Institutional investors own 30.51% of the company’s stock.

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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