SmartFinancial (NASDAQ:SMBK) Director Sells 10,625 Shares

SmartFinancial, Inc. (NASDAQ:SMBK) Director Steven Tucker sold 10,625 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total transaction of $403,856.25. Following the transaction, the director directly owned 49,914 shares of the company’s stock, valued at $1,897,231.14. This represents a 17.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

SmartFinancial Stock Up 3.0%

Shares of NASDAQ SMBK traded up $1.14 during midday trading on Thursday, reaching $39.74. The company’s stock had a trading volume of 121,763 shares, compared to its average volume of 57,912. The stock has a 50 day simple moving average of $35.57 and a 200-day simple moving average of $35.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $676.71 million, a price-to-earnings ratio of 18.57 and a beta of 0.75. SmartFinancial, Inc. has a fifty-two week low of $26.31 and a fifty-two week high of $39.86.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 2nd. Stockholders of record on Monday, November 17th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, November 17th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.8%. SmartFinancial’s dividend payout ratio is currently 11.68%.

Hedge Funds Weigh In On SmartFinancial

Several institutional investors and hedge funds have recently modified their holdings of the business. CSM Advisors LLC bought a new stake in SmartFinancial in the 2nd quarter valued at about $5,996,000. Nuveen LLC bought a new stake in shares of SmartFinancial in the first quarter valued at approximately $2,196,000. Wellington Management Group LLP raised its holdings in SmartFinancial by 11.1% in the 3rd quarter. Wellington Management Group LLP now owns 647,512 shares of the bank’s stock valued at $23,136,000 after acquiring an additional 64,810 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of SmartFinancial during the 3rd quarter worth $1,614,000. Finally, North Reef Capital Management LP lifted its position in SmartFinancial by 83.4% during the third quarter. North Reef Capital Management LP now owns 84,570 shares of the bank’s stock worth $3,022,000 after purchasing an additional 38,466 shares during the period. 58.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SMBK has been the subject of several analyst reports. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Hovde Group lifted their price target on SmartFinancial from $40.00 to $41.00 and gave the stock a “market perform” rating in a report on Thursday, October 23rd. Piper Sandler upped their price objective on SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a research note on Monday, October 27th. Finally, Keefe, Bruyette & Woods lifted their target price on SmartFinancial from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, SmartFinancial has a consensus rating of “Hold” and a consensus target price of $39.10.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.