Summit Financial Group (NASDAQ:SMMF) Price Target Increased to $27.00 by Analysts at DA Davidson

Summit Financial Group (NASDAQ:SMMF) had its price target lifted by DA Davidson from $25.00 to $27.00 in a report published on Tuesday, MarketBeat.com reports. DA Davidson currently has a neutral rating on the bank’s stock.

Separately, StockNews.com began coverage on shares of Summit Financial Group in a research note on Thursday, August 17th. They set a hold rating on the stock.

Summit Financial Group Trading Down 1.8 %

Shares of Summit Financial Group stock opened at $24.43 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Summit Financial Group has a 12-month low of $17.06 and a 12-month high of $29.73. The company has a market capitalization of $358.39 million, a price-to-earnings ratio of 6.28 and a beta of 0.44. The firm’s 50-day moving average price is $22.42 and its two-hundred day moving average price is $21.54.

Summit Financial Group (NASDAQ:SMMF) last issued its earnings results on Thursday, July 27th. The bank reported $0.54 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.20). Summit Financial Group had a return on equity of 14.60% and a net margin of 23.43%. The business had revenue of $45.74 million for the quarter. On average, analysts forecast that Summit Financial Group will post 3.9 earnings per share for the current fiscal year.

Summit Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.22 per share. This is a boost from Summit Financial Group’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.60%. The ex-dividend date is Thursday, September 14th. Summit Financial Group’s payout ratio is 20.57%.

Institutional Investors Weigh In On Summit Financial Group

Several hedge funds have recently added to or reduced their stakes in SMMF. Strs Ohio increased its position in Summit Financial Group by 8.3% in the 2nd quarter. Strs Ohio now owns 16,900 shares of the bank’s stock valued at $349,000 after acquiring an additional 1,300 shares during the period. LSV Asset Management increased its holdings in Summit Financial Group by 14.7% in the second quarter. LSV Asset Management now owns 32,700 shares of the bank’s stock valued at $676,000 after purchasing an additional 4,200 shares during the period. Fourthstone LLC bought a new position in Summit Financial Group during the 2nd quarter worth $424,000. Allspring Global Investments Holdings LLC lifted its holdings in Summit Financial Group by 112.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock worth $64,000 after buying an additional 1,647 shares during the period. Finally, EA Series Trust bought a new stake in shares of Summit Financial Group in the 2nd quarter valued at about $895,000. 28.35% of the stock is currently 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.