Summit Financial Group, Inc. (NASDAQ:SMMF) Director Gary L. Hinkle bought 1,000 shares of Summit Financial Group stock in a transaction dated Tuesday, December 4th. The shares were acquired at an average cost of $21.00 per share, with a total value of $21,000.00. Following the completion of the purchase, the director now owns 376,855 shares in the company, valued at $7,913,955. The acquisition was disclosed in a filing with the SEC, which is available through this link.
Shares of SMMF traded up $0.10 during trading hours on Thursday, hitting $20.26. 220 shares of the stock were exchanged, compared to its average volume of 11,061. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. Summit Financial Group, Inc. has a 12-month low of $20.15 and a 12-month high of $28.00. The stock has a market capitalization of $251.48 million, a price-to-earnings ratio of 10.72, a PEG ratio of 1.16 and a beta of 0.72.
Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $0.55 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Summit Financial Group had a return on equity of 12.73% and a net margin of 20.89%. The firm had revenue of $21.42 million during the quarter, compared to analysts’ expectations of $22.48 million. On average, analysts predict that Summit Financial Group, Inc. will post 2.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.76%. This is a boost from Summit Financial Group’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, December 13th. Summit Financial Group’s payout ratio is presently 27.51%.
SMMF has been the subject of several research analyst reports. BidaskClub downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. ValuEngine cut Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, September 24th. Finally, Zacks Investment Research upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th.
Several institutional investors and hedge funds have recently modified their holdings of SMMF. PNC Financial Services Group Inc. purchased a new stake in Summit Financial Group in the 2nd quarter valued at $110,000. MetLife Investment Advisors LLC grew its holdings in Summit Financial Group by 54.9% in the 3rd quarter. MetLife Investment Advisors LLC now owns 8,836 shares of the bank’s stock valued at $205,000 after buying an additional 3,131 shares in the last quarter. Zacks Investment Management purchased a new stake in Summit Financial Group in the 2nd quarter valued at $206,000. SG Americas Securities LLC purchased a new stake in Summit Financial Group in the 3rd quarter valued at $228,000. Finally, California Public Employees Retirement System grew its holdings in Summit Financial Group by 11.2% in the 2nd quarter. California Public Employees Retirement System now owns 22,401 shares of the bank’s stock valued at $601,000 after buying an additional 2,254 shares in the last quarter. Hedge funds and other institutional investors own 25.78% of the company’s stock.
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Summit Financial Group Company Profile
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 and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.
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