SmartFinancial (NASDAQ:SMBK) Director Cathy Ackermann Acquires 3,000 Shares

SmartFinancial, Inc. (NASDAQ:SMBK) Director Cathy Ackermann purchased 3,000 shares of the stock in a transaction on Thursday, June 4th. The shares were bought at an average price of $42.12 per share, for a total transaction of $126,360.00. Following the acquisition, the director owned 19,831 shares of the company’s stock, valued at approximately $835,281.72. The trade was a 17.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

SmartFinancial Trading Up 2.6%

Shares of SMBK stock opened at $41.70 on Friday. SmartFinancial, Inc. has a 12 month low of $30.95 and a 12 month 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 business’s 50 day moving average is $41.15 and its two-hundred day moving average is $39.61. The company has a market cap of $712.95 million, a PE ratio of 19.49 and a beta of 0.72.

SmartFinancial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.9%. This is a boost from SmartFinancial’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, May 15th. SmartFinancial’s dividend payout ratio is 11.54%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SMBK shares. Keefe, Bruyette & Woods increased their price target on SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a report on Tuesday, April 21st. Raymond James Financial reiterated a “strong-buy” rating and set a $50.00 price target on shares of SmartFinancial in a report on Monday, April 20th. Finally, Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. One equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.88.

Institutional Investors Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of SmartFinancial in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC grew its stake in shares of SmartFinancial by 46.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after acquiring an additional 472 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of SmartFinancial by 173.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after acquiring an additional 1,202 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of SmartFinancial by 209.1% in the fourth quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock worth $77,000 after acquiring an additional 1,424 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of SmartFinancial by 13.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock worth $106,000 after acquiring an additional 316 shares during the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

SmartFinancial Company Profile

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.