Cornercap Investment Counsel Inc. acquired a new stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 26,710 shares of the bank’s stock, valued at approximately $703,000.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Summit Financial Group by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock valued at $5,337,000 after purchasing an additional 6,609 shares in the last quarter. State Street Corp raised its position in Summit Financial Group by 25.9% in the 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock valued at $3,198,000 after buying an additional 29,866 shares during the last quarter. Bank of New York Mellon Corp raised its position in Summit Financial Group by 14.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 38,052 shares of the bank’s stock valued at $976,000 after buying an additional 4,890 shares during the last quarter. Wells Fargo & Company MN raised its position in Summit Financial Group by 37.9% in the 3rd quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after buying an additional 4,161 shares during the last quarter. Finally, Argent Capital Management LLC acquired a new stake in Summit Financial Group in the 3rd quarter valued at approximately $660,000. Institutional investors and hedge funds own 25.06% of the company’s stock.
A number of equities research analysts recently issued reports on SMMF shares. BidaskClub lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th.
Shares of Summit Financial Group, Inc. (SMMF) opened at $25.66 on Wednesday. Summit Financial Group, Inc. has a 1 year low of $19.13 and a 1 year high of $28.16. The stock has a market capitalization of $318.62, a P/E ratio of 14.12, a P/E/G ratio of 1.49 and a beta of 0.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.
Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.01). The firm had revenue of $21.37 million during the quarter, compared to analyst estimates of $23.20 million. Summit Financial Group had a net margin of 12.04% and a return on equity of 11.57%. equities analysts expect that Summit Financial Group, Inc. will post 2.15 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.13 per share. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.03%. Summit Financial Group’s payout ratio is 46.32%.
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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