Summit Financial Group, Inc. (NASDAQ:SMMF) Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 584.4% during the third quarter, Holdings Channel.com reports. The firm owned 4,312 shares of the bank’s stock after acquiring an additional 3,682 shares during the period. Russell Investments Group Ltd.’s holdings in Summit Financial Group were worth $110,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Summit Financial Group by 8.1% in the second quarter. BlackRock Inc. now owns 624,133 shares of the bank’s stock worth $16,759,000 after purchasing an additional 46,965 shares during the period. Vanguard Group Inc. raised its position in shares of Summit Financial Group by 8.5% during the 2nd quarter. Vanguard Group Inc. now owns 497,493 shares of the bank’s stock worth $13,358,000 after buying an additional 39,175 shares in the last quarter. Bowling Portfolio Management LLC bought a new stake in shares of Summit Financial Group during the 2nd quarter worth about $1,046,000. Argent Capital Management LLC lifted its stake in shares of Summit Financial Group by 53.7% in the 2nd quarter. Argent Capital Management LLC now owns 106,898 shares of the bank’s stock worth $2,870,000 after acquiring an additional 37,327 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Summit Financial Group by 446.5% in the 2nd quarter. Acadian Asset Management LLC now owns 21,741 shares of the bank’s stock worth $584,000 after acquiring an additional 17,763 shares during the period. Institutional investors and hedge funds own 25.42% of the company’s stock.

In other Summit Financial Group news, Director Dewey F. Bensenhaver sold 8,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $25.00, for a total value of $200,000.00. Following the sale, the director now directly owns 42,310 shares in the company, valued at $1,057,750. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.62% of the stock is owned by insiders.

Several research analysts have recently issued reports on SMMF shares. BidaskClub upgraded shares of Summit Financial Group from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. ValuEngine cut Summit Financial Group from a “hold” rating to a “sell” rating in a report on Thursday, September 5th.

Shares of SMMF stock opened at $26.50 on Friday. Summit Financial Group, Inc. has a 1 year low of $17.94 and a 1 year high of $27.47. The stock has a market cap of $328.89 million, a PE ratio of 11.73 and a beta of 0.95. The business’s fifty day moving average is $26.21 and its 200-day moving average is $25.87. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93.

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 business 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%. Equities research analysts predict that Summit Financial Group, Inc. will post 2.28 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 13th. Summit Financial Group’s payout ratio is currently 26.55%.

Summit Financial Group Company Profile

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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Institutional Ownership by Quarter for Summit Financial Group (NASDAQ:SMMF)

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