Summit Financial Group (NASDAQ:SMMF) Issues Earnings Results, Beats Estimates By $0.04 EPS

Summit Financial Group (NASDAQ:SMMFGet Rating) announced its quarterly earnings data on Thursday. The bank reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.04, MarketWatch Earnings reports. Summit Financial Group had a net margin of 32.07% and a return on equity of 15.06%.

NASDAQ SMMF opened at $27.25 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.39. The company has a fifty day simple moving average of $25.79 and a 200 day simple moving average of $26.54. The company has a market cap of $347.98 million, a P/E ratio of 7.63 and a beta of 0.41. Summit Financial Group has a 1 year low of $21.00 and a 1 year high of $28.00.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Tuesday, March 15th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Monday, March 14th. Summit Financial Group’s dividend payout ratio is currently 20.17%.

Several analysts have commented on SMMF shares. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research report on Wednesday, February 2nd. StockNews.com started coverage on shares of Summit Financial Group in a research report on Thursday, March 31st. They issued a “buy” rating for the company.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Citigroup Inc. boosted its holdings in shares of Summit Financial Group by 101.5% during the 4th quarter. Citigroup Inc. now owns 2,866 shares of the bank’s stock worth $79,000 after buying an additional 1,444 shares during the period. BNP Paribas Arbitrage SA raised its stake in Summit Financial Group by 75.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,290 shares of the bank’s stock valued at $81,000 after purchasing an additional 1,414 shares during the last quarter. Deutsche Bank AG raised its stake in Summit Financial Group by 5.6% during the 4th quarter. Deutsche Bank AG now owns 6,907 shares of the bank’s stock valued at $190,000 after purchasing an additional 364 shares during the last quarter. Alliancebernstein L.P. acquired a new position in Summit Financial Group during the 4th quarter valued at $203,000. Finally, Morgan Stanley raised its stake in Summit Financial Group by 18.3% during the 2nd quarter. Morgan Stanley now owns 7,643 shares of the bank’s stock valued at $168,000 after purchasing an additional 1,185 shares during the last quarter. 34.08% of the stock is owned by institutional investors and hedge funds.

About Summit Financial Group (Get Rating)

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.

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Earnings History for Summit Financial Group (NASDAQ:SMMF)

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