California State Teachers Retirement System Sells 2,020 Shares of Summit Financial Group, Inc. (SMMF)
California State Teachers Retirement System decreased its stake in shares of Summit Financial Group, Inc. (NASDAQ:SMMF) by 10.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 17,246 shares of the bank’s stock after selling 2,020 shares during the period. California State Teachers Retirement System owned 0.14% of Summit Financial Group worth $443,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Nationwide Fund Advisors lifted its holdings in Summit Financial Group by 28.5% during the 2nd quarter. Nationwide Fund Advisors now owns 5,987 shares of the bank’s stock worth $132,000 after purchasing an additional 1,328 shares in the last quarter. Stifel Financial Corp purchased a new stake in Summit Financial Group during the 2nd quarter worth about $207,000. Chicago Equity Partners LLC purchased a new stake in Summit Financial Group during the 3rd quarter worth about $247,000. Rhumbline Advisers purchased a new stake in Summit Financial Group during the 2nd quarter worth about $255,000. Finally, OxFORD Asset Management LLP purchased a new stake in shares of Summit Financial Group in the 2nd quarter valued at about $285,000. 22.94% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on SMMF shares. Zacks Investment Research raised Summit Financial Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a report on Tuesday, October 31st. BidaskClub cut Summit Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, December 21st.
Summit Financial Group (NASDAQ:SMMF) last released its quarterly earnings results on Thursday, February 1st. The bank reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.01). The business had revenue of $21.37 million during the quarter, compared to analysts’ expectations of $23.20 million. Summit Financial Group had a net margin of 12.04% and a return on equity of 11.88%. equities research analysts forecast that Summit Financial Group, Inc. will post 2.15 earnings per share for the current year.
In related news, COO Scott C. Jennings sold 3,880 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $27.00, for a total transaction of $104,760.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO H Charles Maddy III sold 3,800 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $27.25, for a total value of $103,550.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,917 shares of company stock worth $617,960. 22.82% of the stock is currently owned by 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).
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