Key Points
- SmartFinancial director Cathy Ackermann bought 3,000 shares on June 4 at an average price of $42.12, increasing her holdings by 17.82% to 19,831 shares worth about $835,282.
- SMBK shares rose 2.6% and opened at $41.70, with the stock trading near its 52-week high of $43.90 and carrying a market cap of about $713 million.
- The company recently raised its quarterly dividend to $0.09 per share from $0.08, and analysts currently have a consensus Moderate Buy rating with a $45.88 price target.
SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) Director Cathy Ackermann bought 3,000 shares of SmartFinancial stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average cost of $42.12 per share, with a total value of $126,360.00. Following the completion of the transaction, the director owned 19,831 shares of the company's stock, valued at $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
SmartFinancial Stock Up 2.6%
Shares of SMBK stock opened at $41.70 on Friday. The stock has a market cap of $712.95 million, a P/E ratio of 19.49 and a beta of 0.72. SmartFinancial, Inc. has a one year low of $30.95 and a one year high of $43.90. The stock has a fifty day moving average price of $41.15 and a 200 day moving average price of $39.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.
SmartFinancial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.9%. This is an increase from SmartFinancial's previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, May 15th. SmartFinancial's dividend payout ratio (DPR) is 11.54%.
Institutional Investors Weigh In On SmartFinancial
A number of hedge funds have recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in SmartFinancial during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC grew its stake in SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank's stock worth $51,000 after buying an additional 472 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank's stock worth $64,000 after buying an additional 1,202 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of SmartFinancial by 209.1% during the fourth quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank's stock worth $77,000 after buying an additional 1,424 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of SmartFinancial by 13.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank's stock worth $106,000 after buying an additional 316 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on SMBK shares. Keefe, Bruyette & Woods raised their price target on shares of SmartFinancial from $42.00 to $46.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 21st. Raymond James Financial reiterated a "strong-buy" rating and issued a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Zacks Research cut SmartFinancial from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.88.
View Our Latest Analysis on SMBK
About SmartFinancial
(
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.
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