Strs Ohio boosted its holdings in Summit Financial Group, Inc. (NASDAQ:SMMF – Free Report) by 8.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,900 shares of the bank’s stock after buying an additional 1,300 shares during the quarter. Strs Ohio owned approximately 0.12% of Summit Financial Group worth $349,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its position in shares of Summit Financial Group by 28.4% during the first quarter. American Century Companies Inc. now owns 46,136 shares of the bank’s stock worth $1,181,000 after acquiring an additional 10,218 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Summit Financial Group by 57.9% during the 1st quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock valued at $167,000 after purchasing an additional 2,396 shares during the period. Panagora Asset Management Inc. bought a new stake in shares of Summit Financial Group during the 1st quarter valued at $267,000. Dimensional Fund Advisors LP grew its position in Summit Financial Group by 3.9% during the first quarter. Dimensional Fund Advisors LP now owns 275,587 shares of the bank’s stock worth $7,052,000 after buying an additional 10,394 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Summit Financial Group by 6.7% during the first quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock worth $283,000 after buying an additional 700 shares in the last quarter. 28.35% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on SMMF shares. DA Davidson upped their price objective on Summit Financial Group from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, August 29th. StockNews.com began coverage on Summit Financial Group in a research report on Monday. They set a “hold” rating for the company.
Insider Transactions at Summit Financial Group
In other news, Director Jill S. Upson bought 1,850 shares of Summit Financial Group stock in a transaction dated Tuesday, August 29th. The shares were purchased at an average cost of $24.81 per share, with a total value of $45,898.50. Following the completion of the acquisition, the director now owns 2,207 shares of the company’s stock, valued at approximately $54,755.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Jill S. Upson purchased 1,850 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average price of $24.81 per share, for a total transaction of $45,898.50. Following the completion of the transaction, the director now owns 2,207 shares in the company, valued at approximately $54,755.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary L. Hinkle purchased 3,367 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was bought at an average price of $24.07 per share, with a total value of $81,043.69. Following the transaction, the director now owns 424,055 shares of the company’s stock, valued at approximately $10,207,003.85. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 5,341 shares of company stock valued at $129,939. 12.88% of the stock is currently owned by insiders.
Summit Financial Group Price Performance
Shares of Summit Financial Group stock opened at $21.50 on Wednesday. Summit Financial Group, Inc. has a one year low of $17.06 and a one year high of $29.48. The stock’s fifty day moving average is $23.23 and its 200 day moving average is $21.66. The stock has a market cap of $315.41 million, a P/E ratio of 5.56 and a beta of 0.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.90 and a current ratio of 0.90.
Summit Financial Group (NASDAQ:SMMF – Get Free Report) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. Summit Financial Group had a return on equity of 14.75% and a net margin of 22.04%. The business had revenue of $69.96 million for the quarter. Sell-side analysts anticipate that Summit Financial Group, Inc. will post 3.9 earnings per share for the current year.
Summit Financial Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 4.09%. This is a boost from Summit Financial Group’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, September 14th. Summit Financial Group’s payout ratio is 22.74%.
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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.
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