Summit Financial Group, Inc. (NASDAQ:SMMF) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 69,200 shares, a drop of 20.6% from the March 15th total of 87,200 shares. Based on an average trading volume of 17,900 shares, the short-interest ratio is currently 3.9 days. Approximately 0.7% of the shares of the stock are short sold.
A number of institutional investors have recently modified their holdings of SMMF. BlackRock Inc. lifted its stake in Summit Financial Group by 5.0% in the 4th quarter. BlackRock Inc. now owns 665,412 shares of the bank’s stock valued at $14,691,000 after buying an additional 31,708 shares in the last quarter. Maryland Capital Management lifted its stake in Summit Financial Group by 171.0% in the 4th quarter. Maryland Capital Management now owns 42,000 shares of the bank’s stock valued at $927,000 after buying an additional 26,500 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Summit Financial Group by 203.2% in the 4th quarter. JPMorgan Chase & Co. now owns 34,229 shares of the bank’s stock valued at $755,000 after buying an additional 22,941 shares in the last quarter. Burney Co. purchased a new position in Summit Financial Group in the 4th quarter valued at about $211,000. Finally, Baird Financial Group Inc. purchased a new position in Summit Financial Group in the 4th quarter valued at about $210,000. 26.03% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:SMMF opened at $25.56 on Tuesday. Summit Financial Group has a 52 week low of $13.48 and a 52 week high of $27.40. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $331.92 million, a PE ratio of 11.21 and a beta of 0.47. The stock’s 50-day moving average price is $25.97 and its 200-day moving average price is $22.07.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 31st. Investors of record on Monday, March 15th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Friday, March 12th. Summit Financial Group’s dividend payout ratio is presently 26.88%.
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, and Shenandoah Valley and Southwestern regions of Virginia.
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