Summit Financial Group, Inc. (NASDAQ:SMMF) declared a quarterly dividend on Friday, August 30th, NASDAQ reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.15 per share by the bank on Monday, September 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, September 13th.
Summit Financial Group has increased its dividend payment by an average of 18.3% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Summit Financial Group has a payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Summit Financial Group to earn $2.25 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 26.7%.
Summit Financial Group stock traded up $0.19 during mid-day trading on Wednesday, reaching $25.86. 102 shares of the stock traded hands, compared to its average volume of 10,359. The stock has a market capitalization of $323.30 million, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.93. Summit Financial Group has a 12-month low of $17.94 and a 12-month high of $27.47. The business’s 50-day moving average is $25.38 and its 200-day moving average is $25.69.
Several equities analysts have recently weighed in on SMMF shares. Zacks Investment Research cut shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. ValuEngine cut shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Finally, BidaskClub raised shares of Summit Financial Group from a “sell” rating to a “hold” rating in a report on Tuesday.
In other news, Chairman Oscar M. Bean sold 1,000 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chairman now directly owns 84,842 shares of the company’s stock, valued at $2,205,892. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jason A. Kitzmiller acquired 4,088 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were purchased at an average price of $25.00 per share, for a total transaction of $102,200.00. Following the completion of the transaction, the director now directly owns 6,176 shares in the company, valued at $154,400. The disclosure for this purchase can be found here. Insiders own 2.62% of the company’s stock.
Summit Financial Group Company Profile
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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