Summit Financial Group (NASDAQ:SMMF) Raised 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 research report released on Thursday.

Summit Financial Group Price Performance

NASDAQ:SMMF remained flat at $25.70 during trading hours on Thursday. The stock 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 twelve month low of $17.06 and a twelve month high of $31.49. The stock’s 50 day moving average is $26.22 and its two-hundred day moving average is $26.17. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29.

Summit Financial Group Dividend Announcement

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

Institutional Investors Weigh In On Summit Financial Group

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Summit Financial Group in the fourth quarter valued at about $870,000. Cerity Partners LLC acquired a new position in Summit Financial Group in the fourth quarter worth about $238,000. SG Americas Securities LLC raised its position in Summit Financial Group by 24.0% in the fourth quarter. SG Americas Securities LLC now owns 6,090 shares of the bank’s stock worth $187,000 after purchasing an additional 1,180 shares in the last quarter. EJF Capital LLC acquired a new position in Summit Financial Group in the third quarter worth about $2,804,000. Finally, Axxcess Wealth Management LLC raised its position in Summit Financial Group by 0.9% in the third quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank’s stock worth $1,147,000 after purchasing an additional 450 shares in the last quarter. 35.73% of the stock is currently owned by institutional investors.

Summit Financial Group Company Profile

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.