Pacific Ridge Capital Partners LLC increased its stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 357.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 114,810 shares of the bank’s stock after purchasing an additional 89,705 shares during the period. Pacific Ridge Capital Partners LLC owned approximately 0.93% of Summit Financial Group worth $3,022,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in SMMF. State Street Corp grew its stake in Summit Financial Group by 25.9% in the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock valued at $3,198,000 after acquiring an additional 29,866 shares during the period. Northern Trust Corp grew its stake in Summit Financial Group by 31.7% in the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock valued at $2,520,000 after acquiring an additional 27,551 shares during the period. Maltese Capital Management LLC acquired a new position in Summit Financial Group in the third quarter valued at about $695,000. Argent Capital Management LLC acquired a new position in Summit Financial Group in the third quarter valued at about $660,000. Finally, Bank of New York Mellon Corp grew its stake in Summit Financial Group by 46.7% in the fourth quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank’s stock valued at $1,469,000 after acquiring an additional 17,777 shares during the period. 23.90% of the stock is owned by institutional investors and hedge funds.
SMMF has been the subject of a number of research analyst reports. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Tuesday, October 31st. BidaskClub cut Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st.
In other news, VP Patrick Frye sold 3,680 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $27.50, for a total value of $101,200.00. Following the sale, the vice president now directly owns 33,048 shares in the company, valued at $908,820. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gary L. Hinkle purchased 3,628 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was purchased at an average price of $23.26 per share, for a total transaction of $84,387.28. Following the completion of the acquisition, the director now owns 372,227 shares of the company’s stock, valued at $8,658,000.02. The disclosure for this purchase can be found here. Over the last three months, insiders sold 26,043 shares of company stock valued at $689,391. Insiders own 22.82% of the company’s stock.
Summit Financial Group, Inc. (NASDAQ:SMMF) opened at $24.92 on Friday. Summit Financial Group, Inc. has a 52 week low of $19.13 and a 52 week high of $28.16. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $303.40, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.43 and a beta of 0.57.
Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). Summit Financial Group had a net margin of 12.04% and a return on equity of 11.88%. The business had revenue of $21.37 million during the quarter, compared to analyst estimates of $23.20 million. equities research analysts predict that Summit Financial Group, Inc. will post 2.15 EPS for the current year.
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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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