Gendell Jeffrey L reduced its stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 25.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,687 shares of the bank’s stock after selling 38,570 shares during the quarter. Gendell Jeffrey L owned 0.92% of Summit Financial Group worth $3,078,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in SMMF. BlackRock Inc. raised its stake in Summit Financial Group by 9.7% during the second quarter. BlackRock Inc. now owns 554,122 shares of the bank’s stock worth $14,873,000 after acquiring an additional 49,099 shares in the last quarter. ZPR Investment Management acquired a new stake in shares of Summit Financial Group in the first quarter valued at $918,000. Pacific Ridge Capital Partners LLC increased its stake in shares of Summit Financial Group by 31.9% in the first quarter. Pacific Ridge Capital Partners LLC now owns 151,440 shares of the bank’s stock valued at $3,788,000 after buying an additional 36,630 shares in the last quarter. Maltese Capital Management LLC increased its stake in shares of Summit Financial Group by 103.0% in the first quarter. Maltese Capital Management LLC now owns 55,000 shares of the bank’s stock valued at $1,376,000 after buying an additional 27,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Summit Financial Group by 42.4% in the first quarter. Dimensional Fund Advisors LP now owns 80,684 shares of the bank’s stock valued at $2,018,000 after buying an additional 24,004 shares in the last quarter. Hedge funds and other institutional investors own 26.11% of the company’s stock.
Shares of NASDAQ:SMMF opened at $25.09 on Thursday. Summit Financial Group, Inc. has a twelve month low of $21.71 and a twelve month high of $28.16. The firm has a market capitalization of $314.38 million, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.43 and a beta of 0.58. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.91.
Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, July 26th. The bank reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.03). Summit Financial Group had a net margin of 20.37% and a return on equity of 12.48%. The business had revenue of $21.42 million during the quarter, compared to analyst estimates of $22.37 million. equities analysts anticipate that Summit Financial Group, Inc. will post 2.2 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a $0.13 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.52 dividend on an annualized basis and a yield of 2.07%. Summit Financial Group’s payout ratio is 27.51%.
A number of analysts have recently weighed in on the company. BidaskClub lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th. Finally, ValuEngine lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd.
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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