Cornercap Investment Counsel Inc. purchased a new stake in Summit Financial Group, Inc. (NASDAQ:SMMF) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 26,710 shares of the bank’s stock, valued at approximately $703,000. Cornercap Investment Counsel Inc. owned 0.22% of Summit Financial Group at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. TIAA CREF Investment Management LLC increased its stake in Summit Financial Group by 7.1% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 27,789 shares of the bank’s stock valued at $611,000 after purchasing an additional 1,841 shares in the last quarter. Nationwide Fund Advisors increased its stake in Summit Financial Group by 28.5% in the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after purchasing an additional 1,328 shares in the last quarter. New York State Common Retirement Fund increased its position in Summit Financial Group by 133.1% during the second quarter. New York State Common Retirement Fund now owns 14,182 shares of the bank’s stock worth $312,000 after buying an additional 8,098 shares in the last quarter. Northern Trust Corp increased its position in Summit Financial Group by 31.7% during the second quarter. Northern Trust Corp now owns 114,564 shares of the bank’s stock worth $2,520,000 after buying an additional 27,551 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Summit Financial Group by 2.8% during the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after buying an additional 6,609 shares in the last quarter. 25.06% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on SMMF. BidaskClub cut Summit Financial Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, February 13th. Zacks Investment Research cut Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th.
In other Summit Financial Group news, Director Gary L. Hinkle acquired 3,628 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $23.26 per share, for a total transaction of $84,387.28. Following the completion of the acquisition, the director now owns 372,227 shares of the company’s stock, valued at approximately $8,658,000.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Duke A. Mcdaniel sold 3,889 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $23.50, for a total transaction of $91,391.50. Following the completion of the sale, the director now owns 24,220 shares of the company’s stock, valued at $569,170. The disclosure for this sale can be found here. Corporate insiders own 22.82% of the company’s stock.
Shares of SMMF stock traded up $0.05 during midday trading on Wednesday, hitting $25.60. The stock had a trading volume of 4,346 shares, compared to its average volume of 16,923. Summit Financial Group, Inc. has a twelve month low of $19.13 and a twelve month high of $28.16. The stock has a market capitalization of $319.86, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.49 and a beta of 0.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.
Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.01). Summit Financial Group had a return on equity of 11.57% and a net margin of 12.04%. The business had revenue of $21.37 million for the quarter, compared to analysts’ expectations of $23.20 million. research analysts expect that Summit Financial Group, Inc. will post 2.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.11. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.03%. Summit Financial Group’s dividend payout ratio is 54.74%.
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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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