Summit Financial Group, Inc. (SMMF) VP Patrick Frye Sells 3,779 Shares

Summit Financial Group, Inc. (NASDAQ:SMMF) VP Patrick Frye sold 3,779 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $25.62, for a total value of $96,817.98. Following the completion of the transaction, the vice president now owns 34,805 shares of the company’s stock, valued at approximately $891,704.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

NASDAQ:SMMF opened at $25.51 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.91. Summit Financial Group, Inc. has a 1-year low of $17.94 and a 1-year high of $28.00. The firm has a market capitalization of $325.07 million, a P/E ratio of 11.29, a P/E/G ratio of 1.43 and a beta of 0.92.

Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, April 25th. The bank reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.01. Summit Financial Group had a return on equity of 12.65% and a net margin of 24.07%. The business had revenue of $22.80 million during the quarter, compared to analyst estimates of $22.87 million. Research analysts expect that Summit Financial Group, Inc. will post 2.23 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems boosted its position in Summit Financial Group by 57.2% during the 4th quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock worth $109,000 after acquiring an additional 2,048 shares during the period. Prudential Financial Inc. boosted its position in Summit Financial Group by 6.9% during the 4th quarter. Prudential Financial Inc. now owns 13,530 shares of the bank’s stock worth $261,000 after acquiring an additional 871 shares during the period. MetLife Investment Advisors LLC boosted its position in Summit Financial Group by 54.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 8,836 shares of the bank’s stock worth $205,000 after acquiring an additional 3,131 shares during the period. BlackRock Inc. boosted its position in Summit Financial Group by 0.8% during the 3rd quarter. BlackRock Inc. now owns 558,574 shares of the bank’s stock worth $12,965,000 after acquiring an additional 4,452 shares during the period. Finally, Vanguard Group Inc boosted its position in Summit Financial Group by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 389,020 shares of the bank’s stock worth $9,029,000 after acquiring an additional 1,142 shares during the period. Institutional investors and hedge funds own 24.42% of the company’s stock.

A number of equities analysts recently weighed in on the company. BidaskClub upgraded Summit Financial Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 31st. ValuEngine upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Finally, Zacks Investment Research upgraded Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $27.00 price target for the company in a research report on Friday, February 1st.

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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.

See Also: Diversification

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