Context BH Capital Management LP decreased its holdings in Summit Financial Group, Inc. (NASDAQ:SMMF) by 33.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,943 shares of the bank’s stock after selling 38,425 shares during the period. Context BH Capital Management LP owned about 0.60% of Summit Financial Group worth $1,923,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of SMMF. Nationwide Fund Advisors increased its holdings in shares of Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after purchasing an additional 1,328 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Summit Financial Group in the 2nd quarter worth $207,000. Chicago Equity Partners LLC bought a new stake in shares of Summit Financial Group in the 3rd quarter worth $247,000. Rhumbline Advisers bought a new stake in shares of Summit Financial Group in the 2nd quarter worth $255,000. Finally, Darrell & King LLC bought a new stake in shares of Summit Financial Group in the 2nd quarter worth $263,000. 20.45% of the stock is owned by institutional investors and hedge funds.
In related news, Director Duke A. Mcdaniel sold 3,125 shares of Summit Financial Group stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $24.32, for a total transaction of $76,000.00. Following the transaction, the director now directly owns 28,109 shares in the company, valued at $683,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas J. Hawse III sold 1,000 shares of Summit Financial Group stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.29, for a total value of $27,290.00. Following the transaction, the director now owns 94,132 shares in the company, valued at $2,568,862.28. The disclosure for this sale can be found here. Insiders sold 12,005 shares of company stock valued at $318,030 in the last ninety days. 22.82% of the stock is currently owned by corporate insiders.
Shares of Summit Financial Group, Inc. (NASDAQ SMMF) traded up $0.09 on Monday, hitting $25.65. The company had a trading volume of 16,100 shares, compared to its average volume of 21,967. 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, Inc. has a one year low of $19.13 and a one year high of $30.06. The company has a market capitalization of $318.79, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.32 and a beta of 1.00.
Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $21.23 million during the quarter, compared to analyst estimates of $22.29 million. research analysts anticipate that Summit Financial Group, Inc. will post 1.95 earnings per share for the current fiscal year.
A number of research firms have commented on SMMF. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub raised Summit Financial Group from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Sandler O’Neill lowered 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 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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