River Oaks Capital LLC Sells 4,120 Shares of Summit Financial Group, Inc. (SMMF)

River Oaks Capital LLC lowered its stake in Summit Financial Group, Inc. (NASDAQ:SMMF) by 4.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,400 shares of the bank’s stock after selling 4,120 shares during the quarter. Summit Financial Group comprises 2.0% of River Oaks Capital LLC’s portfolio, making the stock its 22nd biggest holding. River Oaks Capital LLC owned 0.79% of Summit Financial Group worth $2,564,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Nationwide Fund Advisors raised its stake in shares of Summit Financial Group by 28.5% in the second quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after buying an additional 1,328 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of Summit Financial Group by 7.1% in the second quarter. TIAA CREF Investment Management LLC now owns 27,789 shares of the bank’s stock worth $611,000 after buying an additional 1,841 shares during the period. California State Teachers Retirement System raised its stake in shares of Summit Financial Group by 14.9% in the second quarter. California State Teachers Retirement System now owns 19,266 shares of the bank’s stock worth $424,000 after buying an additional 2,500 shares during the period. Wells Fargo & Company MN raised its stake in Summit Financial Group by 37.9% during the 3rd quarter. Wells Fargo & Company MN now owns 15,140 shares of the bank’s stock valued at $388,000 after purchasing an additional 4,161 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Summit Financial Group by 14.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 38,052 shares of the bank’s stock valued at $976,000 after purchasing an additional 4,890 shares during the period. 23.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Summit Financial Group, Inc. (SMMF) opened at $24.63 on Wednesday. The stock has a market capitalization of $306.74, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.44 and a beta of 0.57. 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, Inc. has a 12 month low of $19.13 and a 12 month high of $28.16.

Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Thursday, February 1st. The bank reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.01). The company had revenue of $21.37 million during the quarter, compared to analysts’ expectations of $23.20 million. Summit Financial Group had a return on equity of 11.88% and a net margin of 12.04%. sell-side analysts expect that Summit Financial Group, Inc. will post 2.15 earnings per share for the current year.

Several analysts recently issued reports on SMMF shares. BidaskClub downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a research note on Friday, January 26th. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, October 31st.

In other Summit Financial Group news, VP Patrick Frye sold 3,680 shares of Summit Financial Group stock in a transaction on Monday, December 4th. The stock was sold at an average price of $27.50, for a total transaction of $101,200.00. Following the completion of the sale, the vice president now directly owns 33,048 shares of the company’s stock, valued at approximately $908,820. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gary L. Hinkle bought 3,628 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were purchased at an average cost of $23.26 per share, with a total value of $84,387.28. Following the completion of the transaction, the director now owns 372,227 shares in the company, valued at $8,658,000.02. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 26,043 shares of company stock valued at $689,391. 22.82% of the stock is owned by company insiders.

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Summit Financial Group 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).

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

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