Analysts Expect Summit Financial Group, Inc. (SMMF) to Post $0.49 Earnings Per Share

Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) have received a consensus broker rating score of 3.00 (Hold) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation.

Brokerages have set a twelve-month consensus price objective of $28.00 for the company and are anticipating that the company will post $0.49 earnings per share for the current quarter, according to Zacks. Zacks has also given Summit Financial Group an industry rank of 5 out of 265 based on the ratings given to related companies.

Several analysts have recently issued reports on SMMF shares. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a report on Tuesday, October 31st. BidaskClub lowered Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, December 21st.

In related news, Director Dewey F. Bensenhaver sold 2,246 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $26.85, for a total transaction of $60,305.10. Following the completion of the sale, the director now directly owns 54,096 shares in the company, valued at approximately $1,452,477.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO H Charles Maddy III sold 1,900 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $27.28, for a total value of $51,832.00. Following the sale, the chief executive officer now owns 77,856 shares of the company’s stock, valued at $2,123,911.68. The disclosure for this sale can be found here. Over the last three months, insiders have bought 7,461 shares of company stock worth $194,499 and have sold 31,797 shares worth $859,990. Corporate insiders own 22.82% of the company’s stock.

Several hedge funds have recently made changes to their positions in SMMF. Nationwide Fund Advisors lifted its position in shares of Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after buying an additional 1,328 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of Summit Financial Group during the 2nd quarter worth $207,000. Chicago Equity Partners LLC bought a new stake in shares of Summit Financial Group during the 3rd quarter worth $247,000. Rhumbline Advisers bought a new stake in shares of Summit Financial Group during the 2nd quarter worth $255,000. Finally, OxFORD Asset Management LLP bought a new stake in shares of Summit Financial Group during the 2nd quarter worth $285,000. Institutional investors and hedge funds own 22.82% of the company’s stock.

Shares of Summit Financial Group (SMMF) opened at $25.95 on Friday. The stock has a market capitalization of $325.00, a price-to-earnings ratio of 21.63, a PEG ratio of 1.31 and a beta of 0.96. Summit Financial Group has a 1-year low of $19.13 and a 1-year high of $28.16. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. The company had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. Summit Financial Group had a return on equity of 12.14% and a net margin of 27.93%. research analysts anticipate that Summit Financial Group will post 1.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Thursday, December 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 36.67%.

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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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