Summit Financial Group, Inc. (NASDAQ:SMMF) Sees Significant Decline in Short Interest

Summit Financial Group, Inc. (NASDAQ:SMMF) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 86,400 shares, a decline of 57.1% from the July 31st total of 201,500 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 19,100 shares, the days-to-cover ratio is currently 4.5 days.

Shares of NASDAQ:SMMF traded down $0.11 during trading on Friday, reaching $26.81. 1,347 shares of the company traded hands, compared to its average volume of 10,456. The company’s 50 day moving average is $25.38 and its two-hundred day moving average is $25.69. The firm has a market capitalization of $327.12 million, a PE ratio of 11.86, a PEG ratio of 1.46 and a beta of 0.98. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.09. Summit Financial Group has a 52 week low of $17.94 and a 52 week high of $27.47.

Summit Financial Group (NASDAQ:SMMF) last released its earnings results on Thursday, July 25th. The bank reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. The firm had revenue of $26.07 million during the quarter, compared to the consensus estimate of $23.68 million. Summit Financial Group had a return on equity of 13.30% and a net margin of 24.74%. As a group, research analysts anticipate that Summit Financial Group will post 2.2 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.24%. Summit Financial Group’s payout ratio is 26.55%.

A number of analysts have recently weighed in on SMMF shares. ValuEngine downgraded Summit Financial Group from a “hold” rating to a “sell” rating in a research report on Thursday, September 5th. BidaskClub upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research downgraded Summit Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th.

In related news, Chairman Oscar M. Bean sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chairman now directly owns 84,842 shares in the company, valued at approximately $2,205,892. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jason A. Kitzmiller purchased 4,088 shares of Summit Financial Group stock in a transaction that occurred on Friday, June 21st. The stock was purchased at an average price of $25.00 per share, with a total value of $102,200.00. Following the completion of the purchase, the director now directly owns 6,176 shares in the company, valued at $154,400. The disclosure for this purchase can be found here. Insiders own 2.62% of the company’s stock.

Several large investors have recently added to or reduced their stakes in SMMF. Argent Capital Management LLC lifted its position in shares of Summit Financial Group by 53.7% during the 2nd quarter. Argent Capital Management LLC now owns 106,898 shares of the bank’s stock worth $2,870,000 after buying an additional 37,327 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Summit Financial Group by 8.5% during the 2nd quarter. Vanguard Group Inc. now owns 497,493 shares of the bank’s stock worth $13,358,000 after buying an additional 39,175 shares during the last quarter. BlackRock Inc. lifted its position in shares of Summit Financial Group by 8.1% during the 2nd quarter. BlackRock Inc. now owns 624,133 shares of the bank’s stock worth $16,759,000 after buying an additional 46,965 shares during the last quarter. Northern Trust Corp lifted its position in shares of Summit Financial Group by 3.9% during the 2nd quarter. Northern Trust Corp now owns 125,382 shares of the bank’s stock worth $3,366,000 after buying an additional 4,760 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Summit Financial Group by 5.6% during the 2nd quarter. Renaissance Technologies LLC now owns 275,354 shares of the bank’s stock worth $7,393,000 after buying an additional 14,519 shares during the last quarter. Hedge funds and other institutional investors own 26.79% of the company’s stock.

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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