Insider Buying: Summit Financial Group, Inc. (SMMF) Director Acquires 1,000 Shares of Stock

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Summit Financial Group, Inc. (NASDAQ:SMMF) Director Gary L. Hinkle acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, December 4th. The stock was bought at an average price of $21.00 per share, for a total transaction of $21,000.00. Following the completion of the acquisition, the director now owns 376,855 shares in the company, valued at approximately $7,913,955. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Summit Financial Group stock opened at $20.32 on Friday. The company has a market cap of $253.85 million, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 1.17 and a beta of 0.72. Summit Financial Group, Inc. has a 52-week low of $20.00 and a 52-week high of $28.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, October 25th. The bank reported $0.55 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.55. The company had revenue of $21.42 million for the quarter, compared to analyst estimates of $22.48 million. Summit Financial Group had a net margin of 20.89% and a return on equity of 12.73%. Equities analysts expect that Summit Financial Group, Inc. will post 2.18 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, December 13th. This is a positive change from Summit Financial Group’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 2.76%. Summit Financial Group’s dividend payout ratio is 27.51%.

A number of institutional investors have recently added to or reduced their stakes in SMMF. Schwab Charles Investment Management Inc. lifted its holdings in Summit Financial Group by 13.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 22,943 shares of the bank’s stock worth $616,000 after buying an additional 2,653 shares in the last quarter. BlackRock Inc. lifted its holdings in Summit Financial Group by 9.7% during the 2nd quarter. BlackRock Inc. now owns 554,122 shares of the bank’s stock worth $14,873,000 after buying an additional 49,099 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Summit Financial Group by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 97,882 shares of the bank’s stock valued at $2,627,000 after purchasing an additional 17,198 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Summit Financial Group in the 2nd quarter valued at approximately $110,000. Finally, Zacks Investment Management purchased a new stake in shares of Summit Financial Group in the 2nd quarter valued at approximately $206,000. Institutional investors own 25.78% of the company’s stock.

Several equities analysts have recently commented on SMMF shares. Zacks Investment Research upgraded shares of Summit Financial Group from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th. BidaskClub upgraded shares of Summit Financial Group from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Finally, ValuEngine lowered shares of Summit Financial Group from a “hold” rating to a “sell” rating in a report on Monday, September 24th.

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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.

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