Key Points
- Wesley Miller Welborn, SmartFinancial's chairman, bought 835 shares on Feb. 9 at an average price of $43.13 for a total of $36,013.55, raising his stake to 96,468 shares (a 0.87% increase).
- SmartFinancial announced a quarterly dividend of $0.08 per share (annualized $0.32, yield 0.8%; record/ex-dividend date Feb. 13, payable Mar. 2) and the board authorized a $10 million buyback program to repurchase up to about 1.5% of outstanding shares.
- Analysts have recently upgraded the stock (e.g., Hovde to "outperform", Zacks to "strong-buy") and MarketBeat shows a consensus rating of Moderate Buy with an average target of $40.50; the company has a market cap of ~$715M and a P/E of ~19.6.
SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) Chairman Wesley Miller Welborn bought 835 shares of the business's stock in a transaction dated Monday, February 9th. The stock was purchased at an average price of $43.13 per share, for a total transaction of $36,013.55. Following the acquisition, the chairman directly owned 96,468 shares of the company's stock, valued at approximately $4,160,664.84. The trade was a 0.87% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
SmartFinancial Stock Down 1.6%
Shares of NASDAQ SMBK opened at $41.97 on Wednesday. The firm's fifty day moving average is $39.02 and its 200 day moving average is $36.80. SmartFinancial, Inc. has a 52 week low of $26.31 and a 52 week high of $43.90. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a market cap of $714.73 million, a price-to-earnings ratio of 19.61 and a beta of 0.77.
SmartFinancial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, February 13th. SmartFinancial's dividend payout ratio is 10.74%.
SmartFinancial announced that its board has authorized a share buyback program on Friday, January 30th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the bank to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On SmartFinancial
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of SmartFinancial by 18.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 103,836 shares of the bank's stock worth $3,508,000 after buying an additional 16,202 shares during the period. Bailard Inc. lifted its position in SmartFinancial by 58.7% during the 2nd quarter. Bailard Inc. now owns 19,700 shares of the bank's stock valued at $665,000 after acquiring an additional 7,285 shares during the period. CSM Advisors LLC bought a new stake in SmartFinancial during the second quarter worth about $5,996,000. Los Angeles Capital Management LLC grew its holdings in SmartFinancial by 129.2% in the second quarter. Los Angeles Capital Management LLC now owns 47,633 shares of the bank's stock worth $1,609,000 after purchasing an additional 26,855 shares during the period. Finally, Hillsdale Investment Management Inc. grew its holdings in SmartFinancial by 29.2% in the second quarter. Hillsdale Investment Management Inc. now owns 160,229 shares of the bank's stock worth $5,413,000 after purchasing an additional 36,200 shares during the period. Hedge funds and other institutional investors own 58.78% of the company's stock.
Analyst Upgrades and Downgrades
SMBK has been the subject of a number of recent analyst reports. Hovde Group raised SmartFinancial from a "market perform" rating to an "outperform" rating and set a $48.00 price target for the company in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price objective on SmartFinancial from $38.00 to $40.00 and gave the stock a "market perform" rating in a research report on Tuesday, November 4th. Zacks Research raised SmartFinancial from a "hold" rating to a "strong-buy" rating in a research note on Monday, February 2nd. Finally, Piper Sandler raised their price target on SmartFinancial from $37.00 to $39.50 and gave the stock a "neutral" rating in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, SmartFinancial has a consensus rating of "Moderate Buy" and an average target price of $40.50.
Check Out Our Latest Stock Report on SmartFinancial
SmartFinancial Company Profile
(
Get Free Report)
SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial's network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers' evolving needs.
Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.
Further Reading
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