Insider Selling: Summit Financial Group, Inc. (SMMF) Director Sells 1,000 Shares of 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 value of $27,290.00. Following the completion of the transaction, the director now directly owns 94,132 shares of the company’s stock, valued at approximately $2,568,862.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $21.23 million during the quarter, compared to the consensus estimate of $22.29 million. Summit Financial Group had a return on equity of 12.27% and a net margin of 15.35%.
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A number of equities analysts have weighed in on SMMF shares. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub lowered Summit Financial Group from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Sandler O’Neill lowered Summit Financial Group from a “buy” rating to a “hold” rating and boosted their target price for the stock from $25.00 to $26.00 in a research report on Monday, September 25th.
A number of hedge funds and other institutional investors have recently modified their holdings of SMMF. Nationwide Fund Advisors boosted its holdings in Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after acquiring an additional 1,328 shares in the last quarter. Stifel Financial Corp acquired a new stake in Summit Financial Group in the second quarter worth about $207,000. Chicago Equity Partners LLC acquired a new stake in Summit Financial Group in the third quarter worth about $247,000. Rhumbline Advisers acquired a new stake in Summit Financial Group in the second quarter worth about $255,000. Finally, Darrell & King LLC acquired a new stake in Summit Financial Group in the second quarter worth about $263,000. 20.70% of the stock is owned by institutional investors and hedge funds.
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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