Key Points
- Director buying: SmartFinancial director Victor Lynn Barrett bought 3,000 shares at an average price of $43.78, a transaction worth $131,340. After the purchase, he held 151,724 shares.
- Stock and dividend update: SMBK shares were trading around $44.35, near their 52-week high of $44.55. The company also raised its quarterly dividend to $0.09 per share from $0.08, for an annualized yield of 0.8%.
- Analyst and ownership backdrop: Institutional investors own 58.78% of SmartFinancial, and Wall Street sentiment is mixed but leaning positive, with a consensus rating of Moderate Buy and a target price of $45.88.
SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) Director Victor Lynn Barrett acquired 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average price of $43.78 per share, with a total value of $131,340.00. Following the acquisition, the director directly owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
SmartFinancial Trading Up 1.8%
Shares of SMBK opened at $44.35 on Thursday. SmartFinancial, Inc. has a 1-year low of $30.95 and a 1-year high of $44.55. The company has a 50-day moving average of $41.53 and a 200 day moving average of $39.85. The firm has a market capitalization of $758.35 million, a price-to-earnings ratio of 20.73 and a beta of 0.72. 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 business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, May 15th. This is a positive change from SmartFinancial's previous quarterly dividend of $0.08. SmartFinancial's dividend payout ratio (DPR) is 11.54%.
Institutional Investors Weigh In On SmartFinancial
Several large investors have recently modified their holdings of the business. NewEdge Advisors LLC raised its holdings in shares of SmartFinancial by 10.4% in the 1st quarter. NewEdge Advisors LLC now owns 29,429 shares of the bank's stock valued at $1,150,000 after purchasing an additional 2,778 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of SmartFinancial by 147.6% in the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank's stock valued at $1,854,000 after purchasing an additional 28,280 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of SmartFinancial by 90.3% in the 1st quarter. Quantinno Capital Management LP now owns 20,794 shares of the bank's stock valued at $813,000 after purchasing an additional 9,869 shares in the last quarter. North Reef Capital Management LP raised its holdings in shares of SmartFinancial by 1.6% in the 1st quarter. North Reef Capital Management LP now owns 137,088 shares of the bank's stock valued at $5,357,000 after purchasing an additional 2,217 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of SmartFinancial by 0.6% in the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank's stock valued at $1,821,000 after purchasing an additional 280 shares in the last quarter. Institutional investors own 58.78% of the company's stock.
Analyst Upgrades and Downgrades
SMBK has been the topic of a number of recent research reports. Zacks Research downgraded SmartFinancial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. Keefe, Bruyette & Woods increased their target price on shares of SmartFinancial from $42.00 to $46.00 and gave the stock a "market perform" rating in a report on Tuesday, April 21st. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $50.00 target price on shares of SmartFinancial in a report on Monday, April 20th. One equities research 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.88.
View Our Latest Analysis on SMBK
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.
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