Summit Financial Group, Inc. (NASDAQ:SMMF) Short Interest Update

Summit Financial Group, Inc. (NASDAQ:SMMF) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 77,600 shares, an increase of 23.2% from the August 15th total of 63,000 shares. Based on an average daily trading volume, of 31,800 shares, the days-to-cover ratio is currently 2.4 days. Currently, 0.6% of the company’s stock are short sold.

Summit Financial Group Price Performance

NASDAQ SMMF traded down $0.26 during trading on Friday, hitting $23.74. 163,488 shares of the stock traded hands, compared to its average volume of 43,305. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Summit Financial Group has a 12-month low of $17.06 and a 12-month high of $29.73. The firm has a 50-day simple moving average of $23.32 and a 200-day simple moving average of $21.44. The company has a market capitalization of $348.27 million, a P/E ratio of 6.10 and a beta of 0.43.

Summit Financial Group (NASDAQ:SMMF) last posted its earnings results on Thursday, July 27th. The bank reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20). Summit Financial Group had a net margin of 23.43% and a return on equity of 14.60%. The business had revenue of $45.74 million during the quarter. As a group, analysts predict that Summit Financial Group will post 3.9 EPS for the current year.

Summit Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, September 14th. This is an increase from Summit Financial Group’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.71%. Summit Financial Group’s dividend payout ratio is 22.62%.

Insider Activity

In other news, Director Jill S. Upson acquired 1,850 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average cost of $24.81 per share, for a total transaction of $45,898.50. Following the acquisition, the director now directly owns 2,207 shares in the company, valued at $54,755.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Gary L. Hinkle acquired 3,367 shares of the stock in a transaction dated Thursday, September 14th. The shares were purchased at an average cost of $24.07 per share, with a total value of $81,043.69. Following the transaction, the director now directly owns 424,055 shares in the company, valued at $10,207,003.85. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jill S. Upson bought 1,850 shares of Summit Financial Group stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average cost of $24.81 per share, with a total value of $45,898.50. Following the completion of the acquisition, the director now directly owns 2,207 shares in the company, valued at approximately $54,755.67. The disclosure for this purchase can be found here. Insiders have bought a total of 5,341 shares of company stock worth $129,939 over the last 90 days. 12.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Financial Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its position in Summit Financial Group by 28.4% in the first quarter. American Century Companies Inc. now owns 46,136 shares of the bank’s stock worth $1,181,000 after buying an additional 10,218 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Summit Financial Group by 57.9% in the 1st quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock worth $167,000 after acquiring an additional 2,396 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Summit Financial Group during the 1st quarter worth about $267,000. Dimensional Fund Advisors LP grew its holdings in Summit Financial Group by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 275,587 shares of the bank’s stock valued at $7,052,000 after purchasing an additional 10,394 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Summit Financial Group by 6.7% in the 1st quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock worth $283,000 after purchasing an additional 700 shares during the period. Hedge funds and other institutional investors own 28.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. DA Davidson increased their price target on Summit Financial Group from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 29th. StockNews.com assumed coverage on shares of Summit Financial Group in a research report on Tuesday, September 12th. They set a “hold” rating for the company.

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.