TIAA CREF Investment Management LLC decreased its position in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 4.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,311 shares of the bank’s stock after selling 969 shares during the period. TIAA CREF Investment Management LLC owned 0.17% of Summit Financial Group worth $495,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMF. Vanguard Group Inc boosted its position in Summit Financial Group by 0.3% in the 3rd quarter. Vanguard Group Inc now owns 389,020 shares of the bank’s stock worth $9,029,000 after purchasing an additional 1,142 shares in the last quarter. MetLife Investment Advisors LLC boosted its position in Summit Financial Group by 54.9% in the 3rd quarter. MetLife Investment Advisors LLC now owns 8,836 shares of the bank’s stock worth $205,000 after purchasing an additional 3,131 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Summit Financial Group by 16.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 114,382 shares of the bank’s stock worth $2,655,000 after purchasing an additional 16,500 shares in the last quarter. BlackRock Inc. lifted its position in shares of Summit Financial Group by 0.8% during the 3rd quarter. BlackRock Inc. now owns 558,574 shares of the bank’s stock valued at $12,965,000 after buying an additional 4,452 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Summit Financial Group during the 3rd quarter valued at approximately $228,000. 25.66% of the stock is owned by hedge funds and other institutional investors.
Get Summit Financial Group alerts:In other news, Director Duke A. Mcdaniel sold 2,296 shares of the stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $23.56, for a total transaction of $54,093.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 7.97% of the company’s stock.
A number of research analysts have recently issued reports on SMMF shares. BidaskClub upgraded Summit Financial Group from a “hold” rating to a “buy” rating in a research report on Thursday, January 17th. Zacks Investment Research upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Wednesday, December 26th. Finally, ValuEngine upgraded Summit Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, February 4th.
Shares of NASDAQ:SMMF opened at $24.45 on Friday. Summit Financial Group, Inc. has a 1 year low of $17.94 and a 1 year high of $28.00. The company has a market cap of $302.37 million, a PE ratio of 10.73, a price-to-earnings-growth ratio of 1.43 and a beta of 0.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.
Summit Financial Group (NASDAQ:SMMF) last announced its earnings results on Tuesday, January 29th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. Summit Financial Group had a return on equity of 13.40% and a net margin of 24.88%. The firm had revenue of $22.24 million for the quarter, compared to analyst estimates of $22.02 million. Sell-side analysts expect that Summit Financial Group, Inc. will post 2.12 EPS for the current fiscal year.
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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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