Summit Financial Group, Inc. (SMMF) Director Sells $24,936.56 in Stock
Summit Financial Group, Inc. (NASDAQ:SMMF) Director Dewey F. Bensenhaver sold 946 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $26.36, for a total transaction of $24,936.56. Following the sale, the director now directly owns 53,150 shares in the company, valued at $1,401,034. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Summit Financial Group, Inc. (NASDAQ:SMMF) traded up $0.22 during trading on Wednesday, hitting $26.87. 23,140 shares of the company’s stock traded hands, compared to its average volume of 22,032. Summit Financial Group, Inc. has a one year low of $19.13 and a one year high of $28.43. The firm has a market cap of $328.23, a PE ratio of 14.84, a P/E/G ratio of 1.35 and a beta of 0.96. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.
Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. The business had revenue of $21.23 million for the quarter, compared to analysts’ expectations of $22.29 million. equities research analysts predict that Summit Financial Group, Inc. will post 1.95 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors boosted its position in shares of 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 during the last quarter. Stifel Financial Corp acquired a new stake in shares of Summit Financial Group in the second quarter worth approximately $207,000. Chicago Equity Partners LLC acquired a new stake in shares of Summit Financial Group in the third quarter worth approximately $247,000. Rhumbline Advisers acquired a new stake in shares of Summit Financial Group in the second quarter worth approximately $255,000. Finally, Darrell & King LLC acquired a new stake in shares of Summit Financial Group in the second quarter worth approximately $263,000. 22.86% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on SMMF. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Wednesday, September 6th. Sandler O’Neill cut shares of 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 shares of Summit Financial Group from a “hold” rating to a “sell” rating in a research note on Friday, August 25th.
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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