Summit Financial Group, Inc. (SMMF) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Wednesday. They currently have $25.00 price objective on the bank’s stock.

According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “

Separately, BidaskClub upgraded Summit Financial Group from a strong sell rating to a sell rating in a research note on Monday, July 31st.

Summit Financial Group (SMMF) opened at 22.37 on Wednesday. The company’s 50-day moving average is $21.78 and its 200-day moving average is $21.86. The firm has a market capitalization of $277.97 million, a P/E ratio of 19.76 and a beta of 1.02. Summit Financial Group has a one year low of $18.05 and a one year high of $30.06.

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The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 14th. Summit Financial Group’s dividend payout ratio (DPR) is presently 39.29%.

In related news, Director Gary L. Hinkle acquired 10,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average cost of $21.78 per share, for a total transaction of $217,800.00. Following the purchase, the director now owns 320,978 shares in the company, valued at $6,990,900.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles Piccirillo acquired 1,407 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were bought at an average price of $21.69 per share, for a total transaction of $30,517.83. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 16,407 shares of company stock worth $358,218. Company insiders own 22.82% of the company’s stock.

Large investors have recently modified their holdings of the business. Summit Financial Group Inc. bought a new position in Summit Financial Group during the 2nd quarter valued at $5,402,000. Darrell & King LLC bought a new position in Summit Financial Group during the 2nd quarter valued at $263,000. Bank of New York Mellon Corp lifted its stake in Summit Financial Group by 33.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock valued at $730,000 after acquiring an additional 8,242 shares in the last quarter. Rhumbline Advisers bought a new position in Summit Financial Group during the 2nd quarter valued at $255,000. Finally, Schwab Charles Investment Management Inc. lifted its stake in Summit Financial Group by 69.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 21,700 shares of the bank’s stock valued at $478,000 after acquiring an additional 8,900 shares in the last quarter. Institutional investors and hedge funds own 21.40% 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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