SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Purchases $40,379.50 in Stock

SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Wesley Miller Welborn bought 1,162 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was bought at an average price of $34.75 per share, for a total transaction of $40,379.50. Following the purchase, the chairman now owns 96,938 shares in the company, valued at approximately $3,368,595.50. This represents a 1.21 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

SmartFinancial Stock Up 1.6 %

SmartFinancial stock opened at $35.31 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. SmartFinancial, Inc. has a one year low of $19.00 and a one year high of $37.72. The company has a 50-day simple moving average of $33.14 and a 200-day simple moving average of $31.28. The firm has a market capitalization of $597.71 million, a P/E ratio of 16.50 and a beta of 0.71.

SmartFinancial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. SmartFinancial’s payout ratio is currently 14.95%.

Institutional Investors Weigh In On SmartFinancial

A number of hedge funds have recently made changes to their positions in SMBK. Wellington Management Group LLP grew its holdings in SmartFinancial by 69.0% in the 3rd quarter. Wellington Management Group LLP now owns 340,418 shares of the bank’s stock worth $9,920,000 after buying an additional 139,009 shares in the last quarter. State Street Corp boosted its position in SmartFinancial by 3.3% during the 3rd quarter. State Street Corp now owns 336,147 shares of the bank’s stock worth $9,795,000 after acquiring an additional 10,623 shares during the period. Geode Capital Management LLC grew its stake in shares of SmartFinancial by 0.4% in the third quarter. Geode Capital Management LLC now owns 335,501 shares of the bank’s stock worth $9,779,000 after purchasing an additional 1,307 shares in the last quarter. Foundry Partners LLC grew its stake in shares of SmartFinancial by 23.9% in the third quarter. Foundry Partners LLC now owns 184,555 shares of the bank’s stock worth $5,378,000 after purchasing an additional 35,565 shares in the last quarter. Finally, Stieven Capital Advisors L.P. acquired a new position in shares of SmartFinancial during the third quarter valued at $4,491,000. Institutional investors own 58.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SMBK. Raymond James reiterated a “strong-buy” rating and issued a $42.00 target price (up previously from $36.00) on shares of SmartFinancial in a research report on Thursday, January 23rd. Stephens lowered shares of SmartFinancial from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. Finally, Hovde Group lifted their target price on SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $30.70.

About SmartFinancial

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.