Summit Financial Group Inc. cut its holdings in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 157,312 shares of the bank’s stock after selling 5,165 shares during the period. Summit Financial Group accounts for approximately 3.4% of Summit Financial Group Inc.’s investment portfolio, making the stock its 4th biggest holding. Summit Financial Group Inc. owned about 1.27% of Summit Financial Group worth $4,140,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of SMMF. Vanguard Group Inc. grew its position in Summit Financial Group by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after purchasing an additional 6,609 shares during the period. Bank of New York Mellon Corp grew its position in Summit Financial Group by 33.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock worth $730,000 after purchasing an additional 8,242 shares during the period. State Street Corp grew its position in Summit Financial Group by 25.9% during the 2nd quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after purchasing an additional 29,866 shares during the period. Teachers Advisors LLC grew its position in Summit Financial Group by 43.4% during the 2nd quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock worth $442,000 after purchasing an additional 6,084 shares during the period. Finally, Rhumbline Advisers acquired a new stake in Summit Financial Group during the 2nd quarter worth about $255,000. 22.82% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on SMMF. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research report on Tuesday, October 31st. BidaskClub downgraded Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Finally, Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and increased their target price for the stock from $25.00 to $26.00 in a research note on Monday, September 25th.
Shares of Summit Financial Group, Inc. (SMMF) opened at $26.81 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Summit Financial Group, Inc. has a 12 month low of $19.13 and a 12 month high of $28.16. The stock has a market cap of $332.58, a PE ratio of 22.34, a PEG ratio of 1.34 and a beta of 0.96.
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, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $21.23 million for the quarter, compared to analyst estimates of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. research analysts predict that Summit Financial Group, Inc. will post 1.95 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Thursday, December 14th. Summit Financial Group’s dividend payout ratio is presently 36.67%.
In related news, Chairman Oscar M. Bean sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were 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 of the company’s stock, valued at approximately $2,426,632.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Patrick Frye sold 3,680 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $27.50, for a total transaction of $101,200.00. Following the completion of the transaction, the vice president now directly owns 33,048 shares in the company, valued at $908,820. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 7,461 shares of company stock worth $194,499 and sold 31,797 shares worth $859,990. Company insiders own 22.82% of the company’s stock.
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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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