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

SmartFinancial, Inc. (NASDAQ:SMBK) Director Victor Lynn Barrett purchased 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average price of $43.78 per share, for a total transaction of $131,340.00. Following the purchase, the director owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

SmartFinancial Stock Up 1.8%

SmartFinancial stock traded up $0.80 during mid-day trading on Wednesday, reaching $44.35. The stock had a trading volume of 91,437 shares, compared to its average volume of 72,700. The company has a market capitalization of $758.35 million, a price-to-earnings ratio of 20.73 and a beta of 0.72. The company has a 50-day moving average price of $41.42 and a two-hundred day moving average price of $39.78. SmartFinancial, Inc. has a one year low of $30.95 and a one year high of $44.55. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.09 per share. The ex-dividend date 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 dividend payout ratio (DPR) is currently 11.54%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Raymond James Financial restated a “strong-buy” rating and set a $50.00 target price on shares of SmartFinancial in a research note on Monday, April 20th. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Keefe, Bruyette & Woods upped their target price on shares of SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.88.

Institutional Investors Weigh In On SmartFinancial

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in SmartFinancial by 801.7% during the 4th quarter. SG Americas Securities LLC now owns 34,607 shares of the bank’s stock valued at $1,280,000 after buying an additional 30,769 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in SmartFinancial by 14.1% in the fourth 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 stake in SmartFinancial in the third quarter worth $1,143,000. North Reef Capital Management LP boosted its stake in shares of SmartFinancial by 83.4% during the third quarter. North Reef Capital Management LP now owns 84,570 shares of the bank’s stock valued at $3,022,000 after purchasing an additional 38,466 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new position in SmartFinancial in the 3rd quarter worth about $724,000. 58.78% of the stock is owned by hedge funds and other institutional investors.

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.