Summit Financial Group, Inc. (NASDAQ:SMMF – Free Report) – Research analysts at DA Davidson raised their FY2024 earnings per share estimates for Summit Financial Group in a note issued to investors on Wednesday, November 1st. DA Davidson analyst M. Navas now expects that the bank will earn $4.20 per share for the year, up from their previous estimate of $4.00. DA Davidson has a “Neutral” rating and a $27.00 price objective on the stock. The consensus estimate for Summit Financial Group’s current full-year earnings is $4.11 per share.
Summit Financial Group (NASDAQ:SMMF – Get Free Report) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. Summit Financial Group had a return on equity of 14.75% and a net margin of 22.04%. The firm had revenue of $69.96 million for the quarter.
Summit Financial Group Stock Performance
NASDAQ SMMF opened at $21.73 on Friday. The firm has a market capitalization of $318.78 million, a P/E ratio of 5.62 and a beta of 0.42. Summit Financial Group has a 1-year low of $17.06 and a 1-year high of $29.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50-day simple moving average is $23.08 and its 200-day simple moving average is $21.67.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of SMMF. FMR LLC raised its position in Summit Financial Group by 234.2% during the first quarter. FMR LLC now owns 1,741 shares of the bank’s stock valued at $36,000 after buying an additional 1,220 shares during the period. PNC Financial Services Group Inc. acquired a new position in Summit Financial Group in the 2nd quarter worth about $63,000. Allspring Global Investments Holdings LLC increased its position in Summit Financial Group by 112.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,109 shares of the bank’s stock worth $64,000 after purchasing an additional 1,647 shares during the last quarter. Lazard Asset Management LLC increased its position in Summit Financial Group by 56.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock worth $66,000 after purchasing an additional 964 shares during the last quarter. Finally, Citigroup Inc. increased its position in Summit Financial Group by 334,500.0% in the 2nd quarter. Citigroup Inc. now owns 3,346 shares of the bank’s stock worth $69,000 after purchasing an additional 3,345 shares during the last quarter. 28.35% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Summit Financial Group news, Director Gary L. Hinkle purchased 3,367 shares of Summit Financial Group stock in a transaction on Thursday, September 14th. The stock was bought at an average price of $24.07 per share, for a total transaction of $81,043.69. Following the transaction, the director now owns 424,055 shares of the company’s stock, valued at approximately $10,207,003.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Gary L. Hinkle acquired 3,367 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was acquired at an average price of $24.07 per share, for a total transaction of $81,043.69. Following the completion of the acquisition, the director now directly owns 424,055 shares in the company, valued at approximately $10,207,003.85. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jill S. Upson acquired 1,850 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was purchased at an average price of $24.81 per share, with a total value of $45,898.50. Following the acquisition, the director now owns 2,207 shares of the company’s stock, valued at $54,755.67. The disclosure for this purchase can be found here. Insiders purchased a total of 5,341 shares of company stock worth $129,939 in the last three months. 12.88% of the stock is owned by insiders.
Summit Financial Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a dividend of $0.22 per share. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, September 14th. Summit Financial Group’s dividend payout ratio is presently 22.74%.
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.
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