SmartFinancial (NASDAQ:SMBK – Free Report) had its price target raised by Keefe, Bruyette & Woods from $46.00 to $50.00 in a report issued on Thursday,Benzinga reports. They currently have a market perform rating on the bank’s stock.
A number of other analysts also recently issued reports on SMBK. Benchmark increased their price target on shares of SmartFinancial from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $58.00 price objective on shares of SmartFinancial in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.75.
Check Out Our Latest Stock Analysis on SmartFinancial
SmartFinancial Trading Up 2.0%
SmartFinancial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, July 31st. SmartFinancial’s dividend payout ratio (DPR) is presently 10.62%.
Insider Buying and Selling
In other SmartFinancial news, Director Victor Lynn Barrett acquired 3,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was acquired at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the completion of the transaction, the director directly owned 151,724 shares of the company’s stock, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cathy G. Ackermann bought 3,000 shares of SmartFinancial stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $42.12 per share, with a total value of $126,360.00. Following the completion of the purchase, the director owned 19,831 shares in the company, valued at approximately $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 6,290 shares of company stock valued at $269,677 over the last 90 days. Company insiders own 6.93% of the company’s stock.
Institutional Investors Weigh In On SmartFinancial
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in SmartFinancial by 150.9% during the first quarter. AQR Capital Management LLC now owns 51,972 shares of the bank’s stock valued at $1,615,000 after purchasing an additional 31,255 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 valued at $295,000 after purchasing an additional 390 shares during the period. Jane Street Group LLC increased its stake in shares of SmartFinancial by 263.2% during the first quarter. Jane Street Group LLC now owns 42,385 shares of the bank’s stock worth $1,317,000 after purchasing an additional 30,715 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of SmartFinancial by 11.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,565 shares of the bank’s stock worth $1,573,000 after purchasing an additional 4,639 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.
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.
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