Summit Financial Group (NASDAQ:SMMF) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Summit Financial Group (NASDAQ:SMMF) from a hold rating to a buy rating in a research note issued to investors on Thursday.

Summit Financial Group Price Performance

NASDAQ SMMF remained flat at $25.70 during trading hours on Thursday. The business’s 50 day moving average price is $26.22 and its 200-day moving average price is $26.17. The company has a market capitalization of $377.28 million, a P/E ratio of 6.62 and a beta of 0.39. Summit Financial Group has a one year low of $17.06 and a one year high of $31.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.92 and a quick ratio of 0.92.

Summit Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.22 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.88 annualized dividend and a yield of 3.42%. Summit Financial Group’s dividend payout ratio is presently 22.68%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. First United Bank & Trust acquired a new position in Summit Financial Group in the 4th quarter valued at $70,000. SG Americas Securities LLC acquired a new position in Summit Financial Group in the 3rd quarter valued at $111,000. Hillsdale Investment Management Inc. acquired a new position in Summit Financial Group in the 4th quarter valued at $187,000. Burney Co. purchased a new stake in Summit Financial Group in the 3rd quarter valued at $215,000. Finally, Cerity Partners LLC purchased a new stake in Summit Financial Group in the 4th quarter valued at $238,000. 35.73% of the stock is owned by institutional investors and hedge funds.

About Summit Financial Group

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.