Summit Financial Group, Inc. (SMMF) Director Sells $27,290.00 in Stock
Summit Financial Group, Inc. (NASDAQ:SMMF) Director Thomas J. Hawse III sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.29, for a total transaction of $27,290.00. Following the sale, the director now owns 94,132 shares in the company, valued at $2,568,862.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Summit Financial Group, Inc. (SMMF) traded down $0.11 during trading on Friday, hitting $27.31. 44,621 shares of the stock were exchanged, compared to its average volume of 30,095. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. Summit Financial Group, Inc. has a twelve month low of $19.13 and a twelve month high of $30.06. The firm has a market capitalization of $336.24, a PE ratio of 15.34, a price-to-earnings-growth ratio of 1.40 and a beta of 1.00.
Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, October 26th. The bank reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The firm had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 12.27%. equities research analysts anticipate that Summit Financial Group, Inc. will post 1.95 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the company. LSV Asset Management grew its holdings in shares of Summit Financial Group by 118.3% in the 2nd quarter. LSV Asset Management now owns 18,900 shares of the bank’s stock worth $415,000 after purchasing an additional 10,244 shares during the last quarter. Rhumbline Advisers acquired a new position in Summit Financial Group during the 2nd quarter valued at about $255,000. Context BH Capital Management LP acquired a new position in Summit Financial Group during the 2nd quarter valued at about $2,494,000. Bank of New York Mellon Corp lifted 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 valued at $730,000 after purchasing an additional 8,242 shares during the period. Finally, Summit Financial Group Inc. acquired a new position in Summit Financial Group during the 2nd quarter valued at about $5,402,000. 20.70% of the stock is currently owned by institutional investors and hedge funds.
SMMF has been the topic of a number of research reports. BidaskClub downgraded shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Zacks Investment Research upgraded shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Wednesday, August 2nd. Finally, Sandler O’Neill downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating and lifted their target price for the stock from $25.00 to $26.00 in a research report on Monday, September 25th.
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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