Analysts predict that Summit Financial Group, Inc. (NASDAQ:SMMF) will post earnings of $0.55 per share for the current quarter, according to Zacks. Zero analysts have made estimates for Summit Financial Group’s earnings. Summit Financial Group also reported earnings per share of $0.55 during the same quarter last year. The company is expected to issue its next quarterly earnings report on Thursday, October 24th.
On average, analysts expect that Summit Financial Group will report full-year earnings of $2.17 per share for the current year. For the next financial year, analysts expect that the company will post earnings of $2.22 per share. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover Summit Financial Group.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. Summit Financial Group had a return on equity of 13.30% and a net margin of 24.74%. The business had revenue of $26.07 million for the quarter, compared to analysts’ expectations of $23.68 million.
A number of brokerages recently commented on SMMF. ValuEngine cut Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Thursday, September 5th. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, BidaskClub raised Summit Financial Group from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th.
SMMF stock opened at $25.90 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.93. Summit Financial Group has a fifty-two week low of $17.94 and a fifty-two week high of $27.47. The stock has a market capitalization of $330.95 million, a price-to-earnings ratio of 11.46 and a beta of 0.97. The business’s fifty day moving average price is $25.67 and its two-hundred day moving average price is $25.80.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.15 per share. The ex-dividend date was Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.32%. Summit Financial Group’s payout ratio is 26.55%.
In related news, CEO H Charles Maddy III sold 8,561 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $27.10, for a total transaction of $232,003.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dewey F. Bensenhaver sold 8,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $25.00, for a total value of $200,000.00. Following the sale, the director now owns 42,310 shares in the company, valued at $1,057,750. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,561 shares of company stock worth $458,003. 2.62% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Summit Financial Group by 8.1% during the 2nd quarter. BlackRock Inc. now owns 624,133 shares of the bank’s stock valued at $16,759,000 after acquiring an additional 46,965 shares during the period. Renaissance Technologies LLC increased its position in Summit Financial Group by 5.6% during the 2nd quarter. Renaissance Technologies LLC now owns 275,354 shares of the bank’s stock valued at $7,393,000 after buying an additional 14,519 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Summit Financial Group by 446.5% in the 2nd quarter. Acadian Asset Management LLC now owns 21,741 shares of the bank’s stock worth $584,000 after purchasing an additional 17,763 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Summit Financial Group by 14.7% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 54,600 shares of the bank’s stock worth $1,466,000 after purchasing an additional 7,000 shares in the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of Summit Financial Group in the 2nd quarter worth $244,000. Institutional investors and hedge funds own 26.79% of the company’s stock.
Summit Financial Group Company 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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.
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