Raymond James Financial Services Advisors Inc. Buys Shares of 28,336 Summit Financial Group, Inc. (NASDAQ:SMMF)

Raymond James Financial Services Advisors Inc. bought a new stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) in the fourth quarter, Holdings Channel.com reports. The firm bought 28,336 shares of the bank’s stock, valued at approximately $870,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC boosted its stake in Summit Financial Group by 234.2% during the 1st quarter. FMR LLC now owns 1,741 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,220 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Summit Financial Group by 430.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,535 shares of the bank’s stock worth $57,000 after buying an additional 2,057 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of Summit Financial Group during the 2nd quarter worth about $63,000. Lazard Asset Management LLC raised its position in shares of Summit Financial Group by 56.0% during the 4th 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. Finally, Citigroup Inc. raised its position in shares of Summit Financial Group by 334,500.0% during the 2nd quarter. Citigroup Inc. now owns 3,346 shares of the bank’s stock worth $69,000 after buying an additional 3,345 shares in the last quarter. 35.73% of the stock is owned by institutional investors and hedge funds.

Summit Financial Group Stock Down 0.3 %

SMMF stock opened at $25.05 on Tuesday. Summit Financial Group, Inc. has a 52 week low of $17.06 and a 52 week high of $31.49. The company has a market capitalization of $367.73 million, a price-to-earnings ratio of 6.56 and a beta of 0.38. The firm’s 50-day moving average is $26.40 and its two-hundred day moving average is $25.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Summit Financial Group had a net margin of 20.97% and a return on equity of 13.99%. The company had revenue of $72.32 million for the quarter. On average, analysts forecast that Summit Financial Group, Inc. will post 4 earnings per share for the current fiscal year.

Summit Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.22 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.51%. Summit Financial Group’s payout ratio is currently 23.04%.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Summit Financial Group in a research report on Monday. They set a “hold” rating on the stock.

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.