Shares of SmartFinancial, Inc. (NASDAQ:SMBK – Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $44.51 and last traded at $44.3390, with a volume of 9110 shares trading hands. The stock had previously closed at $43.55.
Wall Street Analyst Weigh In
A number of research firms recently commented on SMBK. Raymond James Financial reiterated a “strong-buy” rating and set a $50.00 price target on shares of SmartFinancial in a report on Monday, April 20th. Keefe, Bruyette & Woods upped their price target on shares of SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a report on Tuesday, April 21st. Finally, Zacks Research lowered shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. One research 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.88.
View Our Latest Research Report on SmartFinancial
SmartFinancial Stock Up 1.5%
SmartFinancial Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, May 15th. This represents a $0.36 dividend on an annualized basis 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%.
Insider Buying and Selling
In related news, Director Cathy G. Ackermann acquired 3,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $42.12 per share, for a total transaction of $126,360.00. Following the acquisition, the director owned 19,831 shares of the company’s stock, valued at $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 6.93% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its holdings in 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 purchasing an additional 30,769 shares in the last quarter. Deprince Race & Zollo Inc. raised its holdings in 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 purchasing an additional 16,367 shares in the last quarter. First Eagle Investment Management LLC bought a new position in SmartFinancial in the 3rd quarter worth $1,143,000. North Reef Capital Management LP raised its holdings in 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 purchasing an additional 38,466 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in SmartFinancial in the 3rd quarter worth $724,000. 58.78% of the stock is currently owned by 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.
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