Insider Selling: Summit Financial Group, Inc. (SMMF) Director Sells $19,960.08 in Stock

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

Shares of Summit Financial Group, Inc. (SMMF) traded down $0.12 during trading hours on Thursday, hitting $27.02. The stock had a trading volume of 13,967 shares, compared to its average volume of 22,053. Summit Financial Group, Inc. has a 12 month low of $19.13 and a 12 month high of $30.00. The company has a market capitalization of $336.68, a PE ratio of 15.22, a PEG ratio of 1.39 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 (NASDAQ:SMMF) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Summit Financial Group had a return on equity of 11.72% and a net margin of 15.35%. The company had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $22.29 million. analysts forecast that Summit Financial Group, Inc. will post 1.95 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, December 14th. Summit Financial Group’s dividend payout ratio is presently 36.67%.

A number of equities research analysts have recently issued reports on SMMF shares. Zacks Investment Research upgraded Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Tuesday, August 22nd. BidaskClub cut Summit Financial Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Finally, Sandler O’Neill cut 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 report on Monday, September 25th.

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Summit Financial Group by 33.1% during 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. Vanguard Group Inc. boosted its stake in shares of Summit Financial Group by 2.8% in the second quarter. Vanguard Group Inc. now owns 242,585 shares of the bank’s stock valued at $5,337,000 after buying an additional 6,609 shares during the period. Teachers Advisors LLC boosted its stake in shares of Summit Financial Group by 43.4% in the second quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock valued at $442,000 after buying an additional 6,084 shares during the period. Rhumbline Advisers bought a new stake in shares of Summit Financial Group in the second quarter valued at approximately $255,000. Finally, LSV Asset Management boosted its stake in shares of Summit Financial Group by 118.3% in the second quarter. LSV Asset Management now owns 18,900 shares of the bank’s stock valued at $415,000 after buying an additional 10,244 shares during the period. Institutional investors own 22.86% of the company’s stock.

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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).

Insider Buying and Selling by Quarter for Summit Financial Group (NASDAQ:SMMF)

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