Insider Buying: SmartFinancial (NASDAQ:SMBK) Director Buys 3,000 Shares of Stock

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

SmartFinancial Price Performance

Shares of SmartFinancial stock traded up $1.05 during trading on Thursday, reaching $41.70. The company’s stock had a trading volume of 72,178 shares, compared to its average volume of 70,337. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial, Inc. has a 12-month low of $30.95 and a 12-month high of $43.90. The company has a market capitalization of $712.95 million, a P/E ratio of 19.49 and a beta of 0.73. The business has a 50 day moving average price of $41.09 and a 200-day moving average price of $39.57.

SmartFinancial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend 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 (DPR) is presently 11.54%.

Institutional Investors Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Equitable Trust Co. grew its position in SmartFinancial by 2.2% during the first quarter. Equitable Trust Co. now owns 11,475 shares of the bank’s stock valued at $448,000 after acquiring an additional 250 shares during the period. First Trust Advisors LP boosted its position in shares of SmartFinancial by 0.6% in the first quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock worth $1,821,000 after buying an additional 280 shares during the period. PNC Financial Services Group Inc. boosted its position 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 buying an additional 316 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of SmartFinancial by 5.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock worth $217,000 after buying an additional 321 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of SmartFinancial by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock worth $295,000 after buying an additional 390 shares during the period. Hedge funds and other institutional investors own 58.78% of the company’s stock.

Analysts Set New Price Targets

SMBK has been the subject of several research reports. Zacks Research cut SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Keefe, Bruyette & Woods lifted their price objective on 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 reissued a “strong-buy” rating and issued a $50.00 price target on shares of SmartFinancial in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.88.

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.