LPL Financial LLC Takes Position in Summit Financial Group, Inc. (NASDAQ:SMMF)

LPL Financial LLC purchased a new stake in Summit Financial Group, Inc. (NASDAQ:SMMF) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,462 shares of the bank’s stock, valued at approximately $815,000. LPL Financial LLC owned approximately 0.27% of Summit Financial Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. FMR LLC grew its position in shares of Summit Financial Group by 234.2% in the first quarter. FMR LLC now owns 1,741 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,220 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Summit Financial Group by 112.7% during the second 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 in the last quarter. Lazard Asset Management LLC grew its position in Summit Financial Group by 56.0% during the fourth quarter. Lazard Asset Management LLC now owns 2,685 shares of the bank’s stock worth $66,000 after buying an additional 964 shares in the last quarter. UBS Group AG purchased a new position in Summit Financial Group during the fourth quarter worth about $77,000. Finally, BNP Paribas Arbitrage SNC grew its position in Summit Financial Group by 17.9% during the third quarter. BNP Paribas Arbitrage SNC now owns 3,589 shares of the bank’s stock worth $97,000 after buying an additional 546 shares in the last quarter. 28.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Gary L. Hinkle bought 3,367 shares of the stock in a transaction dated Thursday, September 14th. The stock was bought at an average price of $24.07 per share, with a total value of $81,043.69. Following the purchase, the director now owns 424,055 shares in the company, valued at approximately $10,207,003.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Summit Financial Group news, Director Jill S. Upson purchased 1,850 shares of the stock in a transaction on Tuesday, August 29th. The stock was acquired at an average price of $24.81 per share, with a total value of $45,898.50. Following the transaction, the director now directly owns 2,207 shares of the company’s stock, valued at approximately $54,755.67. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary L. Hinkle purchased 3,367 shares of the stock in a transaction on Thursday, September 14th. The shares were acquired at an average cost of $24.07 per share, with a total value of $81,043.69. Following the transaction, the director now directly owns 424,055 shares in the company, valued at $10,207,003.85. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 5,341 shares of company stock valued at $129,939. Insiders own 12.88% of the company’s stock.

Summit Financial Group Price Performance

SMMF opened at $22.29 on Monday. The stock has a 50-day moving average price of $22.52 and a 200-day moving average price of $21.89. Summit Financial Group, Inc. has a 12-month low of $17.06 and a 12-month high of $29.20. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $327.22 million, a P/E ratio of 5.76 and a beta of 0.42.

Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data 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 14.39% and a net margin of 22.04%. The firm had revenue of $69.96 million during the quarter. Equities analysts predict that Summit Financial Group, Inc. will post 4.11 earnings per share for the current fiscal year.

Summit Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date was Thursday, September 14th. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.20. Summit Financial Group’s payout ratio is 22.74%.

Analysts Set New Price Targets

Several equities analysts recently commented on SMMF shares. DA Davidson boosted their target price on Summit Financial Group from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 29th. StockNews.com began coverage on Summit Financial Group in a research report on Wednesday, November 15th. They set a “hold” rating for the company.

Summit Financial Group Profile

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.