Summit Financial Group, Inc. (NASDAQ:SMMF) Sees Large Drop in Short Interest

Summit Financial Group, Inc. (NASDAQ:SMMF) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 64,700 shares, a drop of 17.3% from the September 30th total of 78,200 shares. Currently, 0.6% of the company’s stock are sold short. Based on an average trading volume of 12,400 shares, the short-interest ratio is presently 5.2 days.

SMMF has been the subject of several analyst reports. Zacks Investment Research cut Summit Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. ValuEngine cut Summit Financial Group from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Finally, BidaskClub upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th.

Shares of NASDAQ SMMF traded down $0.41 during mid-day trading on Friday, hitting $26.32. The company had a trading volume of 10,000 shares, compared to its average volume of 18,554. The company has a market capitalization of $326.52 million, a PE ratio of 11.65 and a beta of 0.94. The firm has a 50-day simple moving average of $25.90 and a two-hundred day simple moving average of $25.80. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. Summit Financial Group has a one year low of $17.94 and a one year high of $27.47.

Summit Financial Group (NASDAQ:SMMF) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.08. The company had revenue of $23.18 million during the quarter. Summit Financial Group had a return on equity of 13.38% and a net margin of 25.07%. Sell-side analysts expect that Summit Financial Group will post 2.28 earnings per share for the current fiscal year.

In other news, Director Dewey F. Bensenhaver sold 8,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $25.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 42,310 shares in the company, valued at approximately $1,057,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.62% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SMMF. Bank of Montreal Can bought a new position in Summit Financial Group during the second quarter worth about $25,000. Meeder Asset Management Inc. grew its holdings in Summit Financial Group by 202.5% during the second quarter. Meeder Asset Management Inc. now owns 3,346 shares of the bank’s stock worth $89,000 after purchasing an additional 2,240 shares during the period. Russell Investments Group Ltd. grew its holdings in Summit Financial Group by 584.4% during the third quarter. Russell Investments Group Ltd. now owns 4,312 shares of the bank’s stock worth $110,000 after purchasing an additional 3,682 shares during the period. First Trust Advisors LP bought a new position in Summit Financial Group during the second quarter worth about $244,000. Finally, Municipal Employees Retirement System of Michigan bought a new position in Summit Financial Group during the second quarter worth about $434,000. Institutional investors own 26.13% of the company’s stock.

About Summit Financial Group

Summit Financial Group, Inc operates as a financial holding company for Summit Community Bank, Inc that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Southwestern regions of Virginia.

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