Summit Financial Group, Inc. (SMMF) Director Dewey F. Bensenhaver Sells 763 Shares of Stock

Summit Financial Group, Inc. (NASDAQ:SMMF) Director Dewey F. Bensenhaver sold 763 shares of Summit Financial Group stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $26.16, for a total transaction of $19,960.08. Following the sale, the director now directly owns 54,096 shares of the company’s stock, valued at approximately $1,415,151.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Summit Financial Group, Inc. (NASDAQ SMMF) opened at $27.22 on Tuesday. The company has a market cap of $332.71, a P/E ratio of 15.04, a P/E/G ratio of 1.37 and a beta of 0.96. Summit Financial Group, Inc. has a 12 month low of $19.13 and a 12 month high of $30.06. 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 released its quarterly 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 analyst estimates of $22.29 million. analysts forecast that Summit Financial Group, Inc. will post 1.95 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, December 14th. Summit Financial Group’s dividend payout ratio is currently 36.67%.

A number of equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub downgraded shares of Summit Financial Group from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Sandler O’Neill downgraded shares of Summit Financial Group from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $25.00 to $26.00 in a research note on Monday, September 25th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Argent Capital Management LLC purchased a new position in Summit Financial Group in the third quarter worth $660,000. Maltese Capital Management LLC purchased a new position in Summit Financial Group in the third quarter worth $695,000. Dimensional Fund Advisors LP grew its holdings in Summit Financial Group by 32.4% in the third quarter. Dimensional Fund Advisors LP now owns 35,578 shares of the bank’s stock worth $913,000 after purchasing an additional 8,712 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Summit Financial Group by 37.9% in the third quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock worth $388,000 after purchasing an additional 4,161 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Summit Financial Group by 14.7% in the third quarter. Bank of New York Mellon Corp now owns 38,052 shares of the bank’s stock worth $976,000 after purchasing an additional 4,890 shares during the last quarter. 22.86% of the stock is currently owned by institutional investors and hedge funds.

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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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