Axxcess Wealth Management LLC Boosts Holdings in Summit Financial Group, Inc. (NASDAQ:SMMF)

Axxcess Wealth Management LLC grew its position in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,849 shares of the bank’s stock after purchasing an additional 1,954 shares during the period. Axxcess Wealth Management LLC owned approximately 0.36% of Summit Financial Group worth $1,622,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Summit Financial Group in the third quarter worth $111,000. Cerity Partners LLC bought a new stake in shares of Summit Financial Group in the fourth quarter worth $238,000. Burney Co. bought a new stake in shares of Summit Financial Group in the third quarter worth $215,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Summit Financial Group in the third quarter worth $585,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Summit Financial Group in the fourth quarter worth $870,000. Hedge funds and other institutional investors own 35.73% of the company’s stock.

Summit Financial Group Stock Down 2.5 %

SMMF stock opened at $25.70 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.92 and a quick ratio of 0.92. Summit Financial Group, Inc. has a 1-year low of $17.06 and a 1-year high of $31.49. The firm has a fifty day moving average price of $26.22 and a two-hundred day moving average price of $26.22. The firm has a market cap of $377.28 million, a price-to-earnings ratio of 6.62 and a beta of 0.39.

Summit Financial Group Dividend Announcement

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

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Summit Financial Group from a “hold” rating to a “buy” rating in a research note on Thursday.

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.