State Street Corp Grows Position in Summit Financial Group, Inc. (SMMF)

State Street Corp increased its position in Summit Financial Group, Inc. (NASDAQ:SMMF) by 25.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,363 shares of the bank’s stock after acquiring an additional 29,866 shares during the period. State Street Corp owned approximately 1.18% of Summit Financial Group worth $3,198,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMF. Nationwide Fund Advisors grew its holdings in shares of Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after acquiring an additional 1,328 shares during the period. Stifel Financial Corp purchased a new stake in Summit Financial Group in the 2nd quarter valued at approximately $207,000. Rhumbline Advisers purchased a new stake in Summit Financial Group in the 2nd quarter valued at approximately $255,000. Darrell & King LLC purchased a new stake in Summit Financial Group in the 2nd quarter valued at approximately $263,000. Finally, OxFORD Asset Management LLP purchased a new stake in Summit Financial Group in the 2nd quarter valued at approximately $285,000. Institutional investors and hedge funds own 22.86% of the company’s stock.

In other Summit Financial Group news, Director Duke A. Mcdaniel sold 3,125 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $24.32, for a total transaction of $76,000.00. Following the transaction, the director now owns 28,109 shares of the company’s stock, valued at approximately $683,610.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Oscar M. Bean sold 4,000 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.01, for a total value of $108,040.00. Following the transaction, the chairman now directly owns 89,842 shares in the company, valued at approximately $2,426,632.42. The disclosure for this sale can be found here. In the last three months, insiders have acquired 7,461 shares of company stock worth $194,499 and have sold 28,020 shares worth $752,247. Corporate insiders own 22.82% of the company’s stock.

A number of equities research analysts recently issued reports on SMMF shares. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Tuesday, August 22nd. BidaskClub lowered Summit Financial Group from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Sandler O’Neill lowered Summit Financial Group from a “buy” rating to a “hold” rating and upped their target price for the company from $25.00 to $26.00 in a research note on Monday, September 25th.

Summit Financial Group, Inc. (NASDAQ:SMMF) opened at $26.47 on Monday. Summit Financial Group, Inc. has a 52 week low of $19.13 and a 52 week high of $30.00. The firm has a market capitalization of $328.98, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Summit Financial Group had a return on equity of 11.72% and a net margin of 15.35%. The company had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. sell-side analysts expect that Summit Financial Group, Inc. will post 1.95 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, December 14th. Summit Financial Group’s dividend payout ratio is presently 36.67%.

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About Summit Financial Group

Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).

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Institutional Ownership by Quarter for Summit Financial Group (NASDAQ:SMMF)

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