Summit Financial Group (NASDAQ:SMMF) Stock Passes Below 200-Day Moving Average of $23.73

Summit Financial Group, Inc. (NASDAQ:SMMF – Get Rating)’s stock price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $23.73 and traded as low as $19.20. Summit Financial Group shares last traded at $19.26, with a volume of 6,992 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Summit Financial Group in a research note on Thursday, May 18th. They issued a “hold” rating on the stock.

Summit Financial Group Stock Down 1.2 %

The company has a market capitalization of $282.54 million, a PE ratio of 4.51 and a beta of 0.39. The business’s 50 day simple moving average is $19.54 and its 200 day simple moving average is $23.73. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.91 and a quick ratio of 0.91.

Insider Buying and Selling at Summit Financial Group

In other news, EVP Joseph Hager bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were purchased at an average price of $19.62 per share, with a total value of $58,860.00. Following the purchase, the executive vice president now owns 3,000 shares in the company, valued at $58,860. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Joseph Hager bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were purchased at an average cost of $19.62 per share, for a total transaction of $58,860.00. Following the completion of the purchase, the executive vice president now owns 3,000 shares of the company’s stock, valued at $58,860. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jason A. Kitzmiller purchased 5,289 shares of the company’s stock in a transaction on Friday, March 10th. The stock was bought at an average price of $22.85 per share, for a total transaction of $120,853.65. Following the completion of the purchase, the director now directly owns 13,535 shares of the company’s stock, valued at $309,274.75. The disclosure for this purchase can be found here. Insiders have acquired 18,881 shares of company stock worth $405,783 over the last quarter. 12.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. raised its holdings in Summit Financial Group by 28.4% during the first quarter. American Century Companies Inc. now owns 46,136 shares of the bank’s stock worth $1,181,000 after purchasing an additional 10,218 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Summit Financial Group by 57.9% in the first quarter. MetLife Investment Management LLC now owns 6,531 shares of the bank’s stock valued at $167,000 after purchasing an additional 2,396 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Summit Financial Group in the first quarter worth about $267,000. Dimensional Fund Advisors LP grew its stake 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 in the last quarter. Finally, Prudential Financial Inc. raised its holdings in Summit Financial Group by 6.7% in the first quarter. Prudential Financial Inc. now owns 11,090 shares of the bank’s stock valued at $283,000 after acquiring an additional 700 shares in the last quarter. 31.12% of the stock is currently owned by hedge funds and other institutional investors.

Summit Financial Group Company Profile

(Get Rating)

Summit Financial Group, Inc is a holding company, which engages in the provision of community banking and insurance services. The company was founded on March 5, 1987 and is headquartered in Moorefield, WV.