Nuveen Asset Management LLC lifted its stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,747 shares of the bank’s stock after acquiring an additional 1,400 shares during the quarter. Nuveen Asset Management LLC owned about 0.36% of Summit Financial Group worth $1,028,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Summit Financial Group by 29.6% in the first quarter. Royal Bank of Canada now owns 2,420 shares of the bank’s stock worth $64,000 after buying an additional 552 shares during the last quarter. WINTON GROUP Ltd grew its position in Summit Financial Group by 6.3% in the second quarter. WINTON GROUP Ltd now owns 16,146 shares of the bank’s stock worth $355,000 after buying an additional 950 shares during the last quarter. American Century Companies Inc. grew its position in Summit Financial Group by 35.8% in the second quarter. American Century Companies Inc. now owns 23,055 shares of the bank’s stock worth $507,000 after buying an additional 6,079 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Summit Financial Group by 2.4% in the first quarter. Goldman Sachs Group Inc. now owns 19,575 shares of the bank’s stock worth $520,000 after buying an additional 456 shares during the last quarter. Finally, Fourthstone LLC grew its position in Summit Financial Group by 34.4% in the second quarter. Fourthstone LLC now owns 172,391 shares of the bank’s stock worth $3,827,000 after buying an additional 44,132 shares during the last quarter. Institutional investors and hedge funds own 26.50% of the company’s stock.
Separately, Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Thursday, October 7th.
Summit Financial Group stock opened at $26.03 on Monday. The company has a 50 day moving average price of $25.83 and a 200 day moving average price of $24.22. Summit Financial Group, Inc. has a 52 week low of $20.00 and a 52 week high of $28.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.89. The firm has a market capitalization of $338.47 million, a price-to-earnings ratio of 7.86 and a beta of 0.45.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings data on Thursday, October 28th. The bank reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. Summit Financial Group had a net margin of 30.83% and a return on equity of 14.67%. The firm had revenue of $32.60 million during the quarter, compared to analyst estimates of $32.80 million. Equities analysts forecast that Summit Financial Group, Inc. will post 3.42 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Wednesday, December 15th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Tuesday, December 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 21.75%.
Summit Financial Group Profile
Summit Financial Group, Inc (West Virginia) is a holding company, which engages in the provision of community banking and insurance services. It offers a wide range of community banking services, including demand, savings and time deposits; commercial, real estate and consumer loans; trust and wealth management services; and cash management services.
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