Sandler O’Neill Initiates Coverage on Summit Financial Group Inc. (SMMF)

Sandler O’Neill started coverage on shares of Summit Financial Group Inc. (NASDAQ:SMMF) in a research note published on Wednesday. The firm issued a buy rating and a $22.00 price target on the stock.

Summit Financial Group (NASDAQ:SMMF) opened at 19.58 on Wednesday. The firm’s 50-day moving average is $19.58 and its 200-day moving average is $18.64. The firm has a market capitalization of $209.35 million, a PE ratio of 13.08 and a beta of 0.87. Summit Financial Group has a 52-week low of $11.03 and a 52-week high of $20.77.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Monday, July 25th. The company reported $0.37 earnings per share (EPS) for the quarter. Summit Financial Group had a net margin of 22.49% and a return on equity of 10.88%. On average, analysts anticipate that Summit Financial Group will post ($0.63) earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.04%. Summit Financial Group’s dividend payout ratio (DPR) is presently 26.49%.

In related news, Chairman Oscar M. Bean sold 5,000 shares of Summit Financial Group stock in a transaction on Monday, August 15th. The shares were sold at an average price of $20.13, for a total value of $100,650.00. Following the transaction, the chairman now directly owns 93,976 shares in the company, valued at approximately $1,891,736.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gary L. Hinkle acquired 3,500 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was purchased at an average price of $19.49 per share, for a total transaction of $68,215.00. Following the completion of the transaction, the director now owns 334,454 shares in the company, valued at $6,518,508.46. The disclosure for this purchase can be found here. Insiders own 22.82% of the company’s stock.

Summit Financial Group Company Profile

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).

5 Day Chart for NASDAQ:SMMF

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