Summit Financial Group, Inc. (NASDAQ:SMMF) Director Jason A. Kitzmiller acquired 4,088 shares of Summit Financial Group stock in a transaction dated Friday, June 21st. The stock was acquired at an average cost of $25.00 per share, with a total value of $102,200.00. Following the completion of the transaction, the director now directly owns 6,176 shares of the company’s stock, valued at approximately $154,400. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
SMMF opened at $26.07 on Monday. Summit Financial Group, Inc. has a 1-year low of $17.94 and a 1-year high of $28.00. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $332.21 million, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.01. Summit Financial Group had a return on equity of 12.65% and a net margin of 24.07%. The company had revenue of $22.80 million during the quarter, compared to analysts’ expectations of $22.87 million. As a group, sell-side analysts predict that Summit Financial Group, Inc. will post 2.23 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.30%. This is a boost from Summit Financial Group’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, June 13th. Summit Financial Group’s dividend payout ratio is currently 26.55%.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research report on Thursday, May 2nd. BidaskClub cut Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, April 26th.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its position in shares of Summit Financial Group by 60.5% in the first quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock valued at $29,000 after acquiring an additional 417 shares during the period. Prudential Financial Inc. raised its stake in shares of Summit Financial Group by 6.9% in the fourth quarter. Prudential Financial Inc. now owns 13,530 shares of the bank’s stock valued at $261,000 after purchasing an additional 871 shares in the last quarter. Northern Trust Corp raised its stake in shares of Summit Financial Group by 1.0% in the fourth quarter. Northern Trust Corp now owns 119,190 shares of the bank’s stock valued at $2,301,000 after purchasing an additional 1,226 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Summit Financial Group by 520.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,328 shares of the bank’s stock valued at $62,000 after purchasing an additional 1,953 shares in the last quarter. Finally, Ramsey Quantitative Systems raised its stake in shares of Summit Financial Group by 57.2% in the fourth quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock valued at $109,000 after purchasing an additional 2,048 shares in the last quarter. 25.51% of the stock is owned by institutional investors.
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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