Summit Financial Group, Inc. (NASDAQ:SMMF) Director Acquires $22,919.68 in Stock

Summit Financial Group, Inc. (NASDAQ:SMMF - Get Free Report) Director James P. Geary II bought 896 shares of the stock in a transaction on Tuesday, March 19th. The shares were acquired at an average price of $25.58 per share, with a total value of $22,919.68. Following the purchase, the director now owns 31,569 shares of the company's stock, valued at $807,535.02. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Summit Financial Group Stock Performance

SMMF stock traded down $0.46 during trading on Tuesday, hitting $26.00. 17,527 shares of the company's stock traded hands, compared to its average volume of 24,498. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.29. Summit Financial Group, Inc. has a 52 week low of $17.06 and a 52 week high of $31.49. The stock has a fifty day moving average price of $27.02 and a two-hundred day moving average price of $25.68. The stock has a market capitalization of $381.68 million, a price-to-earnings ratio of 6.81 and a beta of 0.38.

Summit Financial Group (NASDAQ:SMMF - Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $1.10 by $0.01. The business had revenue of $72.32 million during the quarter. Summit Financial Group had a net margin of 20.97% and a return on equity of 13.99%. As a group, equities analysts anticipate that Summit Financial Group, Inc. will post 4 EPS for the current fiscal year.

Summit Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.38%. Summit Financial Group's dividend payout ratio is currently 23.04%.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Summit Financial Group in a research note on Saturday. They set a "hold" rating for the company.

Hedge Funds Weigh In On Summit Financial Group

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Summit Financial Group by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 569,002 shares of the bank's stock worth $17,463,000 after acquiring an additional 5,515 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Summit Financial Group during the fourth quarter worth about $384,000. Barclays PLC acquired a new stake in Summit Financial Group in the fourth quarter worth about $978,000. Nuveen Asset Management LLC lifted its holdings in Summit Financial Group by 30.7% in the fourth quarter. Nuveen Asset Management LLC now owns 26,785 shares of the bank's stock worth $822,000 after purchasing an additional 6,299 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in Summit Financial Group by 4.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 117,223 shares of the bank's stock worth $3,598,000 after purchasing an additional 4,608 shares during the period. Institutional investors own 35.73% of the company's stock.

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, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of Virginia, and the Central region of Kentucky.