Rosenthal Henry Capital Advisors Inc. acquired a new position in shares of SmartFinancial, Inc. (NASDAQ:SMBK – Free Report) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 21,250 shares of the bank’s stock, valued at approximately $1,053,000.
Several other hedge funds and other institutional investors also recently modified their holdings of SMBK. Farther Finance Advisors LLC increased its position in SmartFinancial by 1,374.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 855 shares of the bank’s stock worth $42,000 after purchasing an additional 797 shares in the last quarter. Fortitude Family Office LLC boosted its position in SmartFinancial by 3,096.3% during the 3rd quarter. Fortitude Family Office LLC now owns 863 shares of the bank’s stock worth $43,000 after buying an additional 836 shares during the period. USA Financial Formulas bought a new stake in SmartFinancial during the 3rd quarter worth approximately $48,000. Public Employees Retirement System of Ohio bought a new stake in SmartFinancial during the 2nd quarter worth approximately $47,000. Finally, PNC Financial Services Group Inc. increased its position in SmartFinancial by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after acquiring an additional 316 shares during the period. Institutional investors own 58.78% of the company’s stock.
Analyst Ratings Changes
SMBK has been the subject of several analyst reports. Benchmark raised their price target on shares of SmartFinancial from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Keefe, Bruyette & Woods lifted their price target on shares of SmartFinancial from $51.00 to $52.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Stephens boosted their price objective on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Finally, Raymond James Financial downgraded SmartFinancial from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $58.00 to $56.00 in a report on Wednesday, October 21st. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.60.
Check Out Our Latest Stock Analysis on SMBK
Insider Buying and Selling
In other SmartFinancial news, Director Steven Tucker sold 3,500 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $49.50, for a total transaction of $173,250.00. Following the completion of the sale, the director owned 47,222 shares of the company’s stock, valued at approximately $2,337,489. This represents a 6.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 4,360 shares of company stock valued at $217,864 in the last quarter. Corporate insiders own 6.93% of the company’s stock.
SmartFinancial Price Performance
Shares of SMBK opened at $48.52 on Thursday. SmartFinancial, Inc. has a 1 year low of $34.22 and a 1 year high of $54.14. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $829.66 million, a price-to-earnings ratio of 22.67 and a beta of 0.71. The business has a 50-day moving average of $50.58 and a 200-day moving average of $45.03.
About SmartFinancial
SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, and the parent company of SmartBank. Through SmartBank, the company provides community banking services to individuals, families, businesses and nonprofit organizations.
SmartBank’s products and services include checking and savings accounts, certificates of deposit, consumer and commercial lending, residential mortgages, treasury management and online and mobile banking. The bank also offers wealth management and insurance-related services through affiliated or specialized business lines.
Founded in 2007, SmartBank has expanded its presence across markets in Tennessee, Alabama and Florida.
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