Summit Financial Group, Inc. (NASDAQ:SMMF) Chairman Oscar M. Bean Sells 1,000 Shares

Summit Financial Group, Inc. (NASDAQ:SMMF) Chairman Oscar M. Bean sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chairman now directly owns 84,842 shares of the company’s stock, valued at $2,205,892. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of NASDAQ SMMF traded down $0.67 during trading hours on Wednesday, reaching $25.34. The stock had a trading volume of 15,016 shares, compared to its average volume of 21,360. The stock has a market capitalization of $322.54 million, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 1.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.93. Summit Financial Group, Inc. has a fifty-two week low of $17.94 and a fifty-two week high of $27.47. The business’s 50-day simple moving average is $26.20.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, July 25th. The bank reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. The firm had revenue of $26.07 million during the quarter, compared to analysts’ expectations of $23.68 million. Summit Financial Group had a return on equity of 13.30% and a net margin of 24.74%. Equities analysts anticipate that Summit Financial Group, Inc. will post 2.2 EPS for the current fiscal year.



Hedge funds and other institutional investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. lifted its position in Summit Financial Group by 60.5% during the 1st quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock worth $29,000 after acquiring an additional 417 shares during the period. Bank of Montreal Can acquired a new stake in Summit Financial Group during the 2nd quarter worth approximately $25,000. Wells Fargo & Company MN lifted its position in Summit Financial Group by 4.7% during the 2nd quarter. Wells Fargo & Company MN now owns 23,473 shares of the bank’s stock worth $631,000 after acquiring an additional 1,049 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Summit Financial Group by 4.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 26,327 shares of the bank’s stock worth $707,000 after acquiring an additional 1,104 shares during the period. Finally, Northern Trust Corp lifted its position in Summit Financial Group by 1.0% during the 4th quarter. Northern Trust Corp now owns 119,190 shares of the bank’s stock worth $2,301,000 after acquiring an additional 1,226 shares during the period. 26.08% of the stock is owned by hedge funds and other institutional investors.

A number of analysts recently issued reports on the company. BidaskClub cut Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Zacks Investment Research cut Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th.

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.

Recommended Story: Insider Trading

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

Receive News & Ratings for Summit Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.