DA Davidson Equities Analysts Raise Earnings Estimates for Summit Financial Group, Inc. (NASDAQ:SMMF)

Summit Financial Group, Inc. (NASDAQ:SMMFGet Rating) – Equities research analysts at DA Davidson upped their FY2023 earnings per share estimates for Summit Financial Group in a report released on Monday, November 7th. DA Davidson analyst M. Navas now expects that the bank will post earnings of $4.20 per share for the year, up from their prior estimate of $4.10. DA Davidson has a “Neutral” rating on the stock. The consensus estimate for Summit Financial Group’s current full-year earnings is $4.13 per share.

Several other equities analysts have also issued reports on SMMF. StockNews.com assumed coverage on shares of Summit Financial Group in a report on Wednesday, October 12th. They issued a “buy” rating for the company. Piper Sandler boosted their price target on shares of Summit Financial Group to $31.00 in a research report on Tuesday, November 1st.

Summit Financial Group Stock Performance

SMMF stock opened at $28.46 on Wednesday. The company has a 50 day moving average price of $28.02 and a 200 day moving average price of $27.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. Summit Financial Group has a fifty-two week low of $24.27 and a fifty-two week high of $30.83. The stock has a market capitalization of $363.75 million, a PE ratio of 7.34 and a beta of 0.38.

Summit Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.20 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.81%. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.18. Summit Financial Group’s dividend payout ratio (DPR) is presently 20.62%.

Hedge Funds Weigh In On Summit Financial Group

Hedge funds have recently bought and sold shares of the company. Bell Rock Capital LLC purchased a new stake in Summit Financial Group in the second quarter worth $285,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Summit Financial Group in the 1st quarter worth approximately $206,000. Strs Ohio boosted its stake in shares of Summit Financial Group by 5.8% in the 2nd quarter. Strs Ohio now owns 14,700 shares of the bank’s stock valued at $408,000 after purchasing an additional 800 shares in the last quarter. Martingale Asset Management L P boosted its position in Summit Financial Group by 4.8% during the 2nd quarter. Martingale Asset Management L P now owns 19,727 shares of the bank’s stock valued at $549,000 after buying an additional 908 shares during the period. Finally, Bank of Nova Scotia purchased a new stake in Summit Financial Group during the 2nd quarter valued at $247,000. Institutional investors own 30.51% of the company’s stock.

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.

See Also

Earnings History and Estimates for Summit Financial Group (NASDAQ:SMMF)

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