Insider Selling: SmartFinancial (NASDAQ:SMBK) EVP Sells $11,971.50 in Stock

SmartFinancial, Inc. (NASDAQ:SMBK) EVP Rhett Jordan sold 230 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $52.05, for a total value of $11,971.50. Following the completion of the transaction, the executive vice president directly owned 11,142 shares in the company, valued at $579,941.10. The trade was a 2.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SmartFinancial Stock Performance

NASDAQ:SMBK opened at $51.60 on Thursday. The stock has a market cap of $882.26 million, a P/E ratio of 24.11 and a beta of 0.68. The stock has a 50 day simple moving average of $50.82 and a 200 day simple moving average of $44.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial, Inc. has a 1-year low of $33.01 and a 1-year high of $54.14.

SmartFinancial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, July 31st were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, July 31st. SmartFinancial’s payout ratio is presently 10.62%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SMBK. Keefe, Bruyette & Woods raised their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Benchmark boosted their price objective on shares of SmartFinancial from $56.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Stephens increased their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $58.00 target price on shares of SmartFinancial in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, SmartFinancial presently has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SMBK. North Reef Capital Management LP grew its stake in SmartFinancial by 1.6% during the first quarter. North Reef Capital Management LP now owns 137,088 shares of the bank’s stock worth $5,357,000 after buying an additional 2,217 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of SmartFinancial by 14.9% in the 1st quarter. Bank of New York Mellon Corp now owns 80,719 shares of the bank’s stock valued at $3,154,000 after buying an additional 10,470 shares in the last quarter. Algebris UK Ltd. acquired a new position in shares of SmartFinancial in the 4th quarter valued at approximately $2,158,000. Bank of America Corp DE lifted its holdings in shares of SmartFinancial by 147.6% during the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank’s stock worth $1,854,000 after acquiring an additional 28,280 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of SmartFinancial by 0.6% during the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock worth $1,821,000 after acquiring an additional 280 shares during the period. Institutional investors and hedge funds own 58.78% of the company’s stock.

About SmartFinancial

SmartFinancial, Inc is a bank holding company that operates through its wholly owned subsidiary, SmartBank. The company provides community banking services to individuals, businesses and institutions, with offerings that include deposit accounts, residential and commercial real estate lending, consumer loans, business loans and other credit products.

SmartBank also provides treasury management and cash-management services for businesses, along with mortgage banking, wealth management and related financial services.