Summit Financial Group, Inc. (SMMF) Holdings Cut by Pacific Ridge Capital Partners LLC

Pacific Ridge Capital Partners LLC cut its position in Summit Financial Group, Inc. (NASDAQ:SMMF) by 10.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 146,483 shares of the bank’s stock after selling 16,784 shares during the period. Pacific Ridge Capital Partners LLC owned approximately 1.17% of Summit Financial Group worth $3,400,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SMMF. Schwab Charles Investment Management Inc. raised its holdings in Summit Financial Group by 13.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock worth $616,000 after buying an additional 2,653 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Summit Financial Group by 9.7% during the second quarter. BlackRock Inc. now owns 554,122 shares of the bank’s stock valued at $14,873,000 after purchasing an additional 49,099 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Summit Financial Group by 21.3% during the second quarter. Dimensional Fund Advisors LP now owns 97,882 shares of the bank’s stock valued at $2,627,000 after purchasing an additional 17,198 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Summit Financial Group during the second quarter valued at approximately $110,000. Finally, Zacks Investment Management purchased a new position in shares of Summit Financial Group during the second quarter valued at approximately $206,000. 25.78% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ SMMF opened at $20.32 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $253.85 million, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 1.17 and a beta of 0.72. Summit Financial Group, Inc. has a 12-month low of $20.00 and a 12-month high of $28.00.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, October 25th. The bank reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. The company had revenue of $21.42 million during the quarter, compared to analyst estimates of $22.48 million. Summit Financial Group had a net margin of 20.89% and a return on equity of 12.73%. Equities research analysts anticipate that Summit Financial Group, Inc. will post 2.18 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.76%. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, December 13th. Summit Financial Group’s payout ratio is 27.51%.

Several research analysts have recently weighed in on the stock. BidaskClub cut shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Friday, September 7th. ValuEngine cut shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, September 24th. Finally, Zacks Investment Research raised shares of Summit Financial Group from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th.

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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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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Institutional Ownership by Quarter for Summit Financial Group (NASDAQ:SMMF)

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