Summit Financial Group, Inc. (NASDAQ:SMMF) Director Gary L. Hinkle purchased 5,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were purchased at an average cost of $21.98 per share, with a total value of $109,900.00. Following the completion of the purchase, the director now owns 361,276 shares in the company, valued at approximately $7,940,846.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Summit Financial Group, Inc. (NASDAQ:SMMF) opened at 21.41 on Friday. Summit Financial Group, Inc. has a 52 week low of $17.38 and a 52 week high of $30.06. The company has a market capitalization of $266.04 million, a price-to-earnings ratio of 18.91 and a beta of 1.02. The firm’s 50-day moving average price is $21.72 and its 200-day moving average price is $22.24.
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A number of brokerages have issued reports on SMMF. Zacks Investment Research lowered Summit Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. BidaskClub raised Summit Financial Group from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st.
Several hedge funds have recently modified their holdings of SMMF. 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 in the last quarter. State Street Corp raised its stake in shares of Summit Financial Group by 25.9% in the second quarter. State Street Corp now owns 145,363 shares of the bank’s stock worth $3,198,000 after buying an additional 29,866 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Summit Financial Group by 0.8% in the second quarter. HighTower Advisors LLC now owns 79,129 shares of the bank’s stock worth $1,741,000 after buying an additional 600 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Summit Financial Group during the second quarter worth $207,000. Finally, OxFORD Asset Management LLP bought a new stake in shares of Summit Financial Group during the second quarter worth $285,000. 18.27% of the stock is owned by institutional investors and hedge funds.
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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