Trading Report: The Summit Financial Group Inc. (SMMF) Coverage Initiated at Sandler O’Neill

The Summit Financial Group Inc. (SMMF) Coverage Initiated at Sandler O’Neill

Stock analysts at Sandler O’Neill initiated coverage on shares of Summit Financial Group Inc. (NASDAQ:SMMF) in a research note issued to investors on Wednesday. The firm set a “buy” rating and a $22.00 price target on the stock. Sandler O’Neill’s price target suggests a potential upside of 12.53% from the stock’s current price.

Summit Financial Group (NASDAQ:SMMF) opened at 19.55 on Wednesday. The firm has a market cap of $209.03 million, a price-to-earnings ratio of 13.06 and a beta of 0.87. The company’s 50-day moving average price is $19.57 and its 200-day moving average price is $18.54. 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 posted its quarterly earnings data on Monday, July 25th. The company reported $0.37 earnings per share for the quarter. Summit Financial Group had a return on equity of 10.88% and a net margin of 22.49%. Analysts predict that Summit Financial Group will post ($0.63) EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.40 annualized dividend and a dividend yield of 2.05%. Summit Financial Group’s dividend payout ratio is presently 26.49%.

In other news, Director Gary L. Hinkle purchased 5,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was purchased at an average price of $19.53 per share, with a total value of $97,650.00. Following the acquisition, the director now directly owns 327,565 shares in the company, valued at approximately $6,397,344.45. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gary L. Hinkle purchased 3,500 shares of the business’s stock in a transaction on Friday, August 19th. The stock was purchased at an average cost of $19.49 per share, with a total value of $68,215.00. Following the acquisition, 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. Corporate insiders own 22.82% of the company’s stock.

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