Summit Financial Group, Inc. (NASDAQ:SMMF) Sees Significant Decrease in Short Interest

Summit Financial Group, Inc. (NASDAQ:SMMF - Get Free Report) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 62,000 shares, a decrease of 24.4% from the March 15th total of 82,000 shares. Based on an average daily volume of 24,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 0.5% of the shares of the stock are sold short.

Summit Financial Group Trading Down 0.8 %

Summit Financial Group stock traded down $0.20 during trading hours on Friday, hitting $25.12. The stock had a trading volume of 20,022 shares, compared to its average volume of 24,858. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. The stock has a market cap of $368.76 million, a price-to-earnings ratio of 6.58 and a beta of 0.38. Summit Financial Group has a one year low of $17.06 and a one year high of $31.49. The business's 50 day simple moving average is $26.45 and its 200-day simple moving average is $25.79.

Summit Financial Group (NASDAQ:SMMF - Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. The company had revenue of $72.32 million during the quarter. Summit Financial Group had a return on equity of 13.99% and a net margin of 20.97%. On average, equities analysts predict that Summit Financial Group will post 4 EPS for the current fiscal year.

Summit Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.22 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.50%. Summit Financial Group's payout ratio is 23.04%.

Hedge Funds Weigh In On Summit Financial Group

Several institutional investors have recently added to or reduced their stakes in the business. EJF Capital LLC purchased a new stake in shares of Summit Financial Group during the 3rd quarter valued at $2,804,000. Axxcess Wealth Management LLC grew its stake in shares of Summit Financial Group by 0.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 50,895 shares of the bank's stock worth $1,147,000 after acquiring an additional 450 shares during the period. Burney Co. bought a new position in shares of Summit Financial Group during the 3rd quarter worth $215,000. SG Americas Securities LLC bought a new position in shares of Summit Financial Group during the 3rd quarter worth $111,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of Summit Financial Group during the 3rd quarter worth $585,000. 35.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on Summit Financial Group in a research report on Sunday, April 7th. They set a "hold" rating for the company.

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.