Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have been assigned a consensus broker rating score of 3.00 (Hold) from the two brokers that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation.
Brokers have set a twelve-month consensus price target of $28.00 for the company and are anticipating that the company will post $0.53 EPS for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 37 out of 265 based on the ratings given to its competitors.
SMMF has been the topic of a number of research reports. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Tuesday, September 12th. Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and boosted their target price for the stock from $25.00 to $26.00 in a report on Monday, September 25th. Finally, BidaskClub lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, December 21st.
Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. The firm had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. equities analysts predict that Summit Financial Group will post 1.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Thursday, December 14th. Summit Financial Group’s payout ratio is 36.67%.
In other news, VP Patrick Frye sold 3,680 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $27.50, for a total value of $101,200.00. Following the transaction, the vice president now owns 33,048 shares in the company, valued at approximately $908,820. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO H Charles Maddy III sold 1,900 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $27.28, for a total transaction of $51,832.00. Following the completion of the transaction, the chief executive officer now owns 77,856 shares in the company, valued at approximately $2,123,911.68. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 7,461 shares of company stock worth $194,499 and have sold 31,797 shares worth $859,990. Insiders own 22.82% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Nationwide Fund Advisors lifted its position in shares of Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after purchasing an additional 1,328 shares during the period. Stifel Financial Corp acquired a new position in shares of Summit Financial Group in the 2nd quarter worth approximately $207,000. Chicago Equity Partners LLC acquired a new position in shares of Summit Financial Group in the 3rd quarter worth approximately $247,000. Rhumbline Advisers acquired a new position in shares of Summit Financial Group in the 2nd quarter worth approximately $255,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of Summit Financial Group in the 2nd quarter worth approximately $285,000. Hedge funds and other institutional investors own 22.86% of the company’s stock.
Summit Financial Group Company Profile
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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