Summit Financial Group, Inc. (SMMF) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Summit Financial Group, Inc. (NASDAQ:SMMF) from a buy rating to a hold rating in a research report released on Friday.

According to Zacks, “Summit Financial Group operates thirteen banking locations through its three wholly owned subsidiary banks, Summit Community Bank headquartered in Moorefield, West Virginia, Capital State Bank, Inc. headquartered in Charleston, West Virginia, and Shenandoah Valley National Bank in Winchester, Virginia. Summit also operates Summit Financial, LLC, a residential mortgage loan originator located in Herndon, Virginia. “

Separately, BidaskClub upgraded shares of Summit Financial Group from a strong sell rating to a sell rating in a research note on Monday, July 31st.

Summit Financial Group (SMMF) traded up 0.35% during trading on Friday, hitting $23.15. The stock had a trading volume of 76,855 shares. The stock has a 50 day moving average price of $22.01 and a 200 day moving average price of $21.81. The company has a market capitalization of $287.66 million, a price-to-earnings ratio of 20.45 and a beta of 1.02. Summit Financial Group has a 12-month low of $18.05 and a 12-month high of $30.06.

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The company also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Friday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.44 annualized dividend and a yield of 1.90%. Summit Financial Group’s dividend payout ratio (DPR) is currently 39.29%.

In other news, Director Charles Piccirillo bought 1,407 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was acquired at an average cost of $21.69 per share, for a total transaction of $30,517.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gary L. Hinkle bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $21.78 per share, with a total value of $217,800.00. Following the completion of the purchase, the director now directly owns 320,978 shares in the company, valued at approximately $6,990,900.84. The disclosure for this purchase can be found here. Insiders purchased a total of 16,407 shares of company stock valued at $358,218 over the last quarter. 22.82% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. Summit Financial Group Inc. acquired a new stake in Summit Financial Group in the 2nd quarter valued at about $5,402,000. Darrell & King LLC acquired a new stake in Summit Financial Group in the 2nd quarter valued at about $263,000. Bank of New York Mellon Corp lifted its stake in Summit Financial Group by 33.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock valued at $730,000 after purchasing an additional 8,242 shares during the last quarter. Rhumbline Advisers acquired a new stake in Summit Financial Group in the 2nd quarter valued at about $255,000. Finally, Schwab Charles Investment Management Inc. lifted its stake in Summit Financial Group by 69.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 21,700 shares of the bank’s stock valued at $478,000 after purchasing an additional 8,900 shares during the last quarter. Institutional investors and hedge funds own 21.40% of the company’s stock.

About Summit Financial Group

Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).

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