Summit Financial Group (NASDAQ:SMMF) Downgraded by StockNews.com

StockNews.com cut shares of Summit Financial Group (NASDAQ:SMMFGet Rating) from a strong-buy rating to a buy rating in a research report released on Monday.

A number of other brokerages have also recently issued reports on SMMF. DA Davidson reissued a neutral rating on shares of Summit Financial Group in a report on Wednesday, July 27th. Piper Sandler increased their price objective on Summit Financial Group to $31.00 in a report on Tuesday, November 1st.

Summit Financial Group Stock Performance

Shares of SMMF opened at $28.59 on Monday. The stock’s 50-day simple moving average is $28.10 and its 200 day simple moving average is $28.11. The stock has a market capitalization of $365.38 million, a price-to-earnings ratio of 7.37 and a beta of 0.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.92 and a current ratio of 0.92. Summit Financial Group has a 52-week low of $24.27 and a 52-week high of $30.83.

Summit Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.80%. Summit Financial Group’s payout ratio is currently 20.62%.

Institutional Trading of Summit Financial Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers raised its holdings in shares of Summit Financial Group by 3.0% in the 2nd quarter. Rhumbline Advisers now owns 15,859 shares of the bank’s stock valued at $441,000 after acquiring an additional 467 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Summit Financial Group by 4.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,741 shares of the bank’s stock valued at $300,000 after acquiring an additional 522 shares in the last quarter. BNP Paribas Arbitrage SNC raised its holdings in shares of Summit Financial Group by 17.9% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 3,589 shares of the bank’s stock valued at $97,000 after acquiring an additional 546 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Summit Financial Group by 6.7% in the 1st quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock valued at $283,000 after acquiring an additional 700 shares in the last quarter. Finally, Strs Ohio raised its holdings in shares of Summit Financial Group by 5.8% in the 2nd quarter. Strs Ohio now owns 14,700 shares of the bank’s stock valued at $408,000 after acquiring an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 30.51% of the company’s stock.

Summit Financial Group Company Profile

(Get Rating)

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.

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