Summit Financial Group (NASDAQ:SMMF) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a report released on Thursday morning.

Summit Financial Group Price Performance

SMMF opened at $25.70 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. The firm has a market cap of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. Summit Financial Group has a 52 week low of $17.06 and a 52 week high of $31.49. The business’s fifty day simple moving average is $26.22 and its 200 day simple moving average is $26.19.

Summit Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. Summit Financial Group’s dividend payout ratio (DPR) is 22.68%.

Institutional Trading of Summit Financial Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First United Bank & Trust purchased a new stake in Summit Financial Group in the 4th quarter valued at about $70,000. SG Americas Securities LLC purchased a new stake in Summit Financial Group in the 3rd quarter valued at about $111,000. Hillsdale Investment Management Inc. purchased a new stake in Summit Financial Group in the 4th quarter valued at about $187,000. Burney Co. purchased a new stake in Summit Financial Group in the 3rd quarter valued at about $215,000. Finally, Cerity Partners LLC purchased a new stake in Summit Financial Group in the 4th quarter valued at about $238,000. Hedge funds and other institutional investors own 35.73% of the company’s stock.

About Summit Financial Group

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.