DA Davidson Weighs in on Summit Financial Group, Inc.’s Q2 2023 Earnings (NASDAQ:SMMF)

Posted by Defense World Staff on May 4th, 2023

Summit Financial Group, Inc. (NASDAQ:SMMF – Get Rating) – Investment analysts at DA Davidson issued their Q2 2023 earnings per share (EPS) estimates for shares of Summit Financial Group in a report issued on Tuesday, May 2nd. DA Davidson analyst M. Navas expects that the bank will post earnings of $0.78 per share for the quarter. The consensus estimate for Summit Financial Group’s current full-year earnings is $3.90 per share. DA Davidson also issued estimates for Summit Financial Group’s FY2024 earnings at $4.10 EPS.

Separately, StockNews.com started coverage on Summit Financial Group in a research report on Thursday, March 16th. They set a “hold” rating on the stock.

Summit Financial Group Trading Down 0.6 %

SMMF stock opened at $18.56 on Wednesday. The business has a fifty day moving average price of $21.45 and a 200 day moving average price of $24.86. Summit Financial Group has a fifty-two week low of $18.45 and a fifty-two week high of $30.83. The stock has a market capitalization of $237.20 million, a price-to-earnings ratio of 4.35 and a beta of 0.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.91 and a quick ratio of 0.91.

Summit Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Wednesday, March 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date was Tuesday, March 14th. Summit Financial Group’s dividend payout ratio is currently 18.74%.

Insider Activity at Summit Financial Group

In other Summit Financial Group news, Director Jason A. Kitzmiller bought 5,289 shares of the business’s stock in a transaction on Friday, March 10th. The shares were purchased at an average price of $22.85 per share, with a total value of $120,853.65. Following the completion of the acquisition, the director now directly owns 13,535 shares of the company’s stock, valued at approximately $309,274.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jason A. Kitzmiller acquired 9,150 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average cost of $21.75 per share, with a total value of $199,012.50. Following the acquisition, the director now owns 22,685 shares in the company, valued at $493,398.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jason A. Kitzmiller bought 5,289 shares of Summit Financial Group stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average cost of $22.85 per share, with a total value of $120,853.65. Following the completion of the transaction, the director now owns 13,535 shares of the company’s stock, valued at $309,274.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 19,061 shares of company stock valued at $418,582. Insiders own 12.88% of the company’s stock.

Institutional Trading of Summit Financial Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of Summit Financial Group by 3.0% in the second quarter. Rhumbline Advisers now owns 15,859 shares of the bank’s stock valued at $441,000 after buying an additional 467 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Summit Financial Group by 4.7% in the first quarter. Goldman Sachs Group Inc. now owns 11,741 shares of the bank’s stock valued at $300,000 after buying an additional 522 shares during the period. BNP Paribas Arbitrage SNC lifted its stake in shares of Summit Financial Group by 17.9% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 3,589 shares of the bank’s stock valued at $97,000 after buying an additional 546 shares in the last quarter. American Century Companies Inc. boosted its holdings in Summit Financial Group by 1.0% in the 4th quarter. American Century Companies Inc. now owns 61,065 shares of the bank’s stock worth $1,520,000 after buying an additional 634 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in Summit Financial Group by 6.7% in the 1st quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock worth $283,000 after buying an additional 700 shares during the period. Institutional investors own 31.12% of the company’s stock.

Summit Financial Group Company Profile

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Summit Financial Group, Inc is a holding company, which engages in the provision of community banking and insurance services. The company was founded on March 5, 1987 and is headquartered in Moorefield, WV.