Patrick Frye Sells 3,680 Shares of Summit Financial Group, Inc. (SMMF) Stock
Summit Financial Group, Inc. (NASDAQ:SMMF) VP Patrick Frye sold 3,680 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $27.50, for a total value of $101,200.00. Following the completion of the sale, the vice president now owns 33,048 shares in the company, valued at approximately $908,820. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) traded up $0.45 during trading hours on Tuesday, hitting $27.22. The company’s stock had a trading volume of 43,600 shares, compared to its average volume of 22,152. Summit Financial Group, Inc. has a fifty-two week low of $19.13 and a fifty-two week high of $30.06. The stock has a market capitalization of $332.71, a price-to-earnings ratio of 15.04, a PEG ratio of 1.37 and a beta of 0.96. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.
Summit Financial Group (NASDAQ:SMMF) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share 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 the consensus estimate of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. analysts expect that Summit Financial Group, Inc. will post 1.95 earnings per share for the current fiscal year.
Several analysts have commented on SMMF shares. Zacks Investment Research upgraded Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, October 31st. Sandler O’Neill downgraded Summit Financial Group from a “buy” rating to a “hold” rating and raised their price target for the stock from $25.00 to $26.00 in a research note on Monday, September 25th. Finally, BidaskClub cut Summit Financial Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th.
A number of large investors have recently modified their holdings of SMMF. Nationwide Fund Advisors raised its stake 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 buying an additional 1,328 shares in the last quarter. Stifel Financial Corp bought a new position in Summit Financial Group in the second quarter worth approximately $207,000. Chicago Equity Partners LLC bought a new position in Summit Financial Group in the third quarter worth approximately $247,000. Rhumbline Advisers bought a new position in Summit Financial Group in the second quarter worth approximately $255,000. Finally, Darrell & King LLC bought a new position in Summit Financial Group in the second quarter worth approximately $263,000. 22.86% of the stock is owned by institutional investors.
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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