Rhett Jordan Sells 400 Shares of SmartFinancial (NASDAQ:SMBK) Stock

SmartFinancial, Inc. (NASDAQ:SMBK) EVP Rhett Jordan sold 400 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 11,802 shares of the company’s stock, valued at approximately $531,090. This represents a 3.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

SmartFinancial Stock Up 1.4%

NASDAQ SMBK traded up $0.62 on Friday, reaching $45.46. The company had a trading volume of 105,900 shares, compared to its average volume of 73,273. The firm has a market capitalization of $777.34 million, a price-to-earnings ratio of 21.24 and a beta of 0.72. 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 1-year low of $30.95 and a 1-year high of $45.63. The company’s fifty day moving average is $41.64 and its 200-day moving average is $39.92.

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 $0.09 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 annualized dividend and a yield of 0.8%. This is an increase from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s payout ratio is currently 11.54%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SMBK. Keefe, Bruyette & Woods increased their price target on shares of SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 21st. Zacks Research downgraded shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $50.00 target price on shares of SmartFinancial in a research report on Monday, April 20th. 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’s stock. According to MarketBeat.com, SmartFinancial currently has an average rating of “Moderate Buy” and an average target price of $45.88.

Institutional Trading of SmartFinancial

A number of institutional investors have recently modified their holdings of SMBK. SG Americas Securities LLC increased its holdings in shares of SmartFinancial by 801.7% in the 4th quarter. SG Americas Securities LLC now owns 34,607 shares of the bank’s stock worth $1,280,000 after buying an additional 30,769 shares during the last quarter. Deprince Race & Zollo Inc. increased its holdings in shares of SmartFinancial by 14.1% in the 4th quarter. Deprince Race & Zollo Inc. now owns 132,067 shares of the bank’s stock worth $4,885,000 after buying an additional 16,367 shares during the last quarter. First Eagle Investment Management LLC bought a new position in shares of SmartFinancial in the 3rd quarter worth $1,143,000. North Reef Capital Management LP increased its holdings in shares of SmartFinancial by 83.4% in the 3rd quarter. North Reef Capital Management LP now owns 84,570 shares of the bank’s stock worth $3,022,000 after buying an additional 38,466 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of SmartFinancial in the 3rd quarter worth $724,000. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

About SmartFinancial

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.