Key Points
- SmartFinancial EVP Rhett Jordan sold 400 shares on June 12 at an average price of $45.00, for proceeds of $18,000. After the sale, he still held 11,802 shares, a 3.28% reduction in his stake.
- The stock was trading near its 52-week high, opening at $45.46 with a market cap of $777.34 million. SmartFinancial also reported a modest balance sheet, including a debt-to-equity ratio of 0.10.
- SmartFinancial recently raised its quarterly dividend to $0.09 per share from $0.08, giving it an annualized yield of 0.8% and a payout ratio of 11.54%.
SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) EVP Rhett Jordan sold 400 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $45.00, for a total transaction of $18,000.00. Following the completion of the transaction, the executive vice president directly owned 11,802 shares of the company's stock, valued at $531,090. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
SmartFinancial Stock Performance
Shares of SmartFinancial stock opened at $45.46 on Friday. The firm has a market capitalization of $777.34 million, a P/E ratio of 21.24 and a beta of 0.72. 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 50 day moving average price of $41.77 and a 200 day moving average price of $39.95. SmartFinancial, Inc. has a 52 week low of $30.95 and a 52 week high of $45.63.
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 given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, May 15th. This is an increase from SmartFinancial's previous quarterly dividend of $0.08. SmartFinancial's payout ratio is 11.54%.
Hedge Funds Weigh In On SmartFinancial
Several hedge funds and other institutional investors have recently bought and sold shares of SMBK. Kemnay Advisory Services Inc. acquired a new position in SmartFinancial in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its holdings in SmartFinancial by 46.0% in the 2nd 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 period. Tower Research Capital LLC TRC increased its holdings in SmartFinancial by 173.4% in the 2nd 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 period. State of Alaska Department of Revenue increased its holdings in SmartFinancial by 209.1% in the 4th 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 during the period. Finally, PNC Financial Services Group Inc. increased its holdings in SmartFinancial by 13.2% in the 1st 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 during the period. Institutional investors and hedge funds own 58.78% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of SmartFinancial from $42.00 to $46.00 and gave the company a "market perform" rating in a research report on Tuesday, April 21st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $50.00 price objective on shares of SmartFinancial in a research report on Monday, April 20th. Finally, Zacks Research lowered shares of SmartFinancial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $45.88.
Check Out Our Latest Research Report on SmartFinancial
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.
Further Reading
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