Summit Financial Group Inc. lowered its position in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,312 shares of the bank’s stock after selling 5,165 shares during the quarter. Summit Financial Group makes up about 3.4% of Summit Financial Group Inc.’s investment portfolio, making the stock its 4th largest position. Summit Financial Group Inc. owned approximately 1.27% of Summit Financial Group worth $4,140,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Summit Financial Group by 2.8% during the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after acquiring an additional 6,609 shares during the last quarter. State Street Corp grew its stake in shares of Summit Financial Group by 25.9% during the second 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. Northern Trust Corp grew its stake in shares of Summit Financial Group by 31.7% during the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock worth $2,520,000 after purchasing an additional 27,551 shares during the period. Context BH Capital Management LP acquired a new stake in shares of Summit Financial Group during the second quarter worth $2,494,000. Finally, HighTower Advisors LLC grew its stake in shares of Summit Financial Group by 0.8% during the second quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock worth $1,741,000 after purchasing an additional 600 shares during the period. Institutional investors own 22.86% of the company’s stock.
In other Summit Financial Group news, CEO H Charles Maddy III sold 1,900 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $27.28, for a total value of $51,832.00. Following the completion of the transaction, the chief executive officer now directly owns 77,856 shares of the company’s stock, valued at $2,123,911.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert S. Tissue sold 3,880 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $27.50, for a total value of $106,700.00. Following the completion of the transaction, the chief financial officer now directly owns 69,920 shares of the company’s stock, valued at $1,922,800. The disclosure for this sale can be found here. Over the last three months, insiders acquired 7,461 shares of company stock valued at $194,499 and sold 31,797 shares valued at $859,990. 22.82% of the stock is currently owned by insiders.
Shares of Summit Financial Group, Inc. (NASDAQ SMMF) traded up $0.03 during trading on Thursday, hitting $26.34. The company had a trading volume of 32,300 shares, compared to its average volume of 27,600. 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, Inc. has a twelve month low of $19.13 and a twelve month high of $28.16. The firm has a market capitalization of $326.99, a PE ratio of 21.95, a PEG ratio of 1.32 and a beta of 0.96.
Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 EPS 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 business had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $22.29 million. research analysts predict that Summit Financial Group, Inc. will post 1.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.44 dividend on an annualized basis and a yield of 1.67%. Summit Financial Group’s payout ratio is 36.67%.
A number of brokerages recently commented on SMMF. Zacks Investment Research cut Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. BidaskClub cut Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Finally, Sandler O’Neill cut Summit Financial Group from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $25.00 to $26.00 in a research note on Monday, September 25th.
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Summit Financial Group Company 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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