Oscar M. Bean Sells 4,000 Shares of Summit Financial Group, Inc. (SMMF) Stock

Summit Financial Group, Inc. (NASDAQ:SMMF) Chairman Oscar M. Bean sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.01, for a total transaction of $108,040.00. Following the completion of the transaction, the chairman now directly owns 89,842 shares in the company, valued at $2,426,632.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $21.23 million for the quarter, compared to analysts’ expectations 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 research analysts recently issued reports on the company. Zacks Investment Research upgraded Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday. Sandler O’Neill cut Summit Financial Group from a “buy” rating to a “hold” rating and boosted their price objective for the company 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 research note on Friday, August 25th.

Large investors have recently made changes to their positions in the business. Nationwide Fund Advisors boosted its position 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 purchasing an additional 1,328 shares during the last quarter. Stifel Financial Corp purchased a new position in Summit Financial Group in the second quarter worth about $207,000. Chicago Equity Partners LLC purchased a new position in Summit Financial Group in the third quarter worth about $247,000. Rhumbline Advisers purchased a new position in Summit Financial Group in the second quarter worth about $255,000. Finally, Darrell & King LLC purchased a new position in Summit Financial Group in the second quarter worth about $263,000. 20.70% of the stock is currently 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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