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

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

SMMF stock traded down $0.09 during trading on Friday, reaching $25.51. The company’s stock had a trading volume of 18,314 shares, compared to its average volume of 22,302. Summit Financial Group, Inc. has a 1 year low of $17.94 and a 1 year high of $28.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $325.72 million, a PE ratio of 11.29, a PEG ratio of 1.43 and a beta of 0.92.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping 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. On average, sell-side analysts forecast that Summit Financial Group, Inc. will post 2.23 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of SMMF. Meeder Asset Management Inc. increased its stake in Summit Financial Group by 60.5% in the 1st quarter. Meeder Asset Management Inc. now owns 1,106 shares of the bank’s stock worth $29,000 after buying an additional 417 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Summit Financial Group by 520.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,328 shares of the bank’s stock worth $62,000 after buying an additional 1,953 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Summit Financial Group by 352.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,020 shares of the bank’s stock worth $78,000 after buying an additional 3,131 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Summit Financial Group in the 1st quarter worth $105,000. Finally, Ramsey Quantitative Systems increased its stake in Summit Financial Group by 57.2% in the 4th quarter. Ramsey Quantitative Systems now owns 5,626 shares of the bank’s stock worth $109,000 after buying an additional 2,048 shares in the last quarter. Institutional investors and hedge funds own 24.42% of the company’s stock.

SMMF has been the subject of several analyst reports. ValuEngine upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. BidaskClub lowered Summit Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 26th. 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 note 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.

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