Kennedy Capital Management Inc. reduced its holdings in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 129,854 shares of the bank’s stock after selling 9,745 shares during the period. Kennedy Capital Management Inc. owned about 1.05% of Summit Financial Group worth $3,418,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Nationwide Fund Advisors boosted its position in shares of Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after acquiring an additional 1,328 shares in the last quarter. Chicago Equity Partners LLC acquired a new stake in shares of Summit Financial Group during the 3rd quarter valued at about $247,000. New York State Common Retirement Fund boosted its position in shares of Summit Financial Group by 133.1% during the 2nd quarter. New York State Common Retirement Fund now owns 14,182 shares of the bank’s stock valued at $312,000 after acquiring an additional 8,098 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Summit Financial Group by 37.9% during the 3rd quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after acquiring an additional 4,161 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Summit Financial Group during the 4th quarter valued at about $394,000. Institutional investors and hedge funds own 25.06% of the company’s stock.
In related news, VP Julie R. Cook sold 1,213 shares of Summit Financial Group stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $27.00, for a total transaction of $32,751.00. Following the completion of the transaction, the vice president now directly owns 2,816 shares of the company’s stock, valued at approximately $76,032. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO H Charles Maddy III sold 1,900 shares of Summit Financial Group stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $27.28, for a total transaction of $51,832.00. Following the transaction, the chief executive officer now directly owns 77,856 shares of the company’s stock, valued at $2,123,911.68. The disclosure for this sale can be found here. Insiders have sold a total of 9,845 shares of company stock valued at $250,198 over the last three months. 22.82% of the stock is currently owned by insiders.
Several brokerages recently issued reports on SMMF. BidaskClub downgraded shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, February 13th. Zacks Investment Research downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th.
Summit Financial Group, Inc. (NASDAQ:SMMF) opened at $25.56 on Tuesday. Summit Financial Group, Inc. has a 1-year low of $19.13 and a 1-year high of $28.16. The stock has a market cap of $317.50, a PE ratio of 14.07, a P/E/G ratio of 1.48 and a beta of 0.64. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.
Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.01). Summit Financial Group had a net margin of 12.04% and a return on equity of 11.57%. The firm had revenue of $21.37 million for the quarter, compared to the consensus estimate of $23.20 million. equities analysts predict that Summit Financial Group, Inc. will post 2.15 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be issued a dividend of $0.13 per share. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.11. This represents a $0.52 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Wednesday, March 14th. Summit Financial Group’s dividend payout ratio (DPR) is currently 46.32%.
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Summit Financial Group Profile
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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