Brokerages forecast that Summit Financial Group, Inc. (NASDAQ:SMMF) will announce earnings of $0.58 per share for the current fiscal quarter, Zacks reports. Zero analysts have issued estimates for Summit Financial Group’s earnings. Summit Financial Group reported earnings per share of $0.60 in the same quarter last year, which suggests a negative year over year growth rate of 3.3%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, February 4th.
According to Zacks, analysts expect that Summit Financial Group will report full year earnings of $2.28 per share for the current financial year. For the next year, analysts forecast that the firm will post earnings of $2.15 per share. Zacks’ EPS averages are an average based on a survey of research analysts that cover Summit Financial Group.
Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, October 24th. The bank reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.08. The firm had revenue of $23.18 million for the quarter. Summit Financial Group had a net margin of 25.07% and a return on equity of 13.38%.
In other news, Director Dewey F. Bensenhaver sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $25.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 42,310 shares in the company, valued at $1,057,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.62% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in SMMF. BlackRock Inc. lifted its position in shares of Summit Financial Group by 8.1% during the second quarter. BlackRock Inc. now owns 624,133 shares of the bank’s stock worth $16,759,000 after purchasing an additional 46,965 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Summit Financial Group by 8.5% in the second quarter. Vanguard Group Inc. now owns 497,493 shares of the bank’s stock valued at $13,358,000 after buying an additional 39,175 shares during the period. Bowling Portfolio Management LLC acquired a new position in Summit Financial Group in the second quarter valued at approximately $1,046,000. Argent Capital Management LLC lifted its holdings in Summit Financial Group by 53.7% in the second quarter. Argent Capital Management LLC now owns 106,898 shares of the bank’s stock valued at $2,870,000 after buying an additional 37,327 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in Summit Financial Group by 446.5% in the second quarter. Acadian Asset Management LLC now owns 21,741 shares of the bank’s stock valued at $584,000 after buying an additional 17,763 shares during the period. Institutional investors own 25.42% of the company’s stock.
NASDAQ:SMMF traded up $0.16 on Thursday, reaching $26.60. The stock had a trading volume of 239 shares, compared to its average volume of 8,114. The company has a market capitalization of $328.39 million, a P/E ratio of 11.53 and a beta of 0.95. Summit Financial Group has a 1-year low of $17.94 and a 1-year high of $27.47. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $26.25 and a 200-day moving average price of $25.88.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.26%. Summit Financial Group’s payout ratio is 26.55%.
About Summit Financial Group
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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