New York State Common Retirement Fund raised its position in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 133.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,182 shares of the bank’s stock after purchasing an additional 8,098 shares during the period. New York State Common Retirement Fund owned 0.12% of Summit Financial Group worth $312,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SMMF. Nationwide Fund Advisors boosted its stake in Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock valued at $132,000 after purchasing an additional 1,328 shares during the period. Rhumbline Advisers acquired a new position in Summit Financial Group during the 2nd quarter valued at about $255,000. Darrell & King LLC acquired a new position in Summit Financial Group during the 2nd quarter valued at about $263,000. LSV Asset Management boosted its stake in Summit Financial Group by 118.3% during the 2nd quarter. LSV Asset Management now owns 18,900 shares of the bank’s stock valued at $415,000 after purchasing an additional 10,244 shares during the period. Finally, Teachers Advisors LLC boosted its stake in Summit Financial Group by 43.4% during the 2nd quarter. Teachers Advisors LLC now owns 20,107 shares of the bank’s stock valued at $442,000 after purchasing an additional 6,084 shares during the period. 20.45% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Duke A. Mcdaniel sold 3,125 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $24.32, for a total value of $76,000.00. Following the completion of the sale, the director now directly owns 28,109 shares of the company’s stock, valued at approximately $683,610.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Oscar M. Bean sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.01, for a total transaction of $108,040.00. Following the completion of the sale, the chairman now directly owns 89,842 shares of the company’s stock, valued at $2,426,632.42. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 7,461 shares of company stock valued at $194,499 and sold 12,005 shares valued at $318,030. Corporate insiders own 22.82% of the company’s stock.

Shares of Summit Financial Group, Inc. (NASDAQ:SMMF) opened at $26.50 on Friday. The firm has a market cap of $329.34, a P/E ratio of 14.89, a PEG ratio of 1.36 and a beta of 1.00. Summit Financial Group, Inc. has a one year low of $19.13 and a one year high of $30.06. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

Summit Financial Group (NASDAQ:SMMF) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $21.23 million during the quarter, compared to analyst estimates of $22.29 million. Summit Financial Group had a net margin of 15.35% and a return on equity of 11.72%. research analysts anticipate that Summit Financial Group, Inc. will post 1.95 earnings per share for the current year.

SMMF has been the subject of a number of analyst reports. BidaskClub lowered shares of Summit Financial Group from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Summit Financial Group from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Wednesday, August 2nd. Finally, Sandler O’Neill lowered shares of Summit Financial Group from a “buy” rating to a “hold” rating and boosted their target price for the company from $25.00 to $26.00 in a research note on Monday, September 25th.

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Summit Financial Group Company Profile

Summit Financial Group, Inc (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank).

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Institutional Ownership by Quarter for Summit Financial Group (NASDAQ:SMMF)

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