Summit Financial Group, Inc. (SMMF) Director Dewey F. Bensenhaver Sells 950 Shares

Summit Financial Group, Inc. (NASDAQ:SMMF) Director Dewey F. Bensenhaver sold 950 shares of the firm’s stock in a transaction dated Friday, December 21st. The shares were sold at an average price of $26.14, for a total transaction of $24,833.00. Following the transaction, the director now directly owns 50,310 shares in the company, valued at $1,315,103.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Shares of Summit Financial Group, Inc. (SMMF) traded down $0.01 during mid-day trading on Wednesday, reaching $26.31. 22,900 shares of the company’s stock traded hands, compared to its average volume of 24,850. The company has a market capitalization of $327.11, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 1.32 and a beta of 0.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. Summit Financial Group, Inc. has a twelve month low of $19.13 and a twelve month high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 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 analyst estimates of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. analysts expect that Summit Financial Group, Inc. will post 1.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, December 14th. Summit Financial Group’s dividend payout ratio is 36.67%.

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Summit Financial Group by 2.8% in the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock worth $5,337,000 after acquiring an additional 6,609 shares during the period. Bank of New York Mellon Corp raised its position in Summit Financial Group by 33.1% in the second quarter. Bank of New York Mellon Corp now owns 33,162 shares of the bank’s stock worth $730,000 after acquiring an additional 8,242 shares during the period. State Street Corp raised its position in Summit Financial Group by 25.9% in the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after acquiring an additional 29,866 shares during the period. Teachers Advisors LLC raised its position in Summit Financial Group by 43.4% in the second quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock worth $442,000 after acquiring an additional 6,084 shares during the period. Finally, Rhumbline Advisers bought a new stake in Summit Financial Group in the second quarter worth about $255,000. 22.86% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Finally, Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and raised their price target for the company from $25.00 to $26.00 in a research report on Monday, September 25th.

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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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