Forest Hill Capital LLC increased its position in SmartFinancial Inc (NASDAQ:SMBK) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 309,868 shares of the bank’s stock after buying an additional 25,405 shares during the period. SmartFinancial accounts for 1.9% of Forest Hill Capital LLC’s portfolio, making the stock its 25th largest holding. Forest Hill Capital LLC owned 2.78% of SmartFinancial worth $6,724,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in SmartFinancial in the second quarter worth approximately $177,000. New York State Common Retirement Fund acquired a new position in SmartFinancial in the second quarter worth approximately $184,000. Ladenburg Thalmann Financial Services Inc. acquired a new position in SmartFinancial in the fourth quarter worth approximately $184,000. Wells Fargo & Company MN increased its holdings in SmartFinancial by 323.1% in the fourth quarter. Wells Fargo & Company MN now owns 12,595 shares of the bank’s stock worth $274,000 after buying an additional 9,618 shares during the last quarter. Finally, California State Teachers Retirement System acquired a new position in SmartFinancial in the second quarter worth approximately $303,000. Hedge funds and other institutional investors own 31.30% of the company’s stock.
In related news, Chairman Wesley Miller Welborn purchased 15,000 shares of the stock in a transaction on Tuesday, March 6th. The shares were bought at an average price of $21.70 per share, for a total transaction of $325,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Beaumont Wicks purchased 3,000 shares of the stock in a transaction on Monday, March 5th. The shares were bought at an average price of $21.85 per share, for a total transaction of $65,550.00. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 28,000 shares of company stock worth $610,150. Corporate insiders own 13.87% of the company’s stock.
SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings data on Wednesday, January 31st. The bank reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.15. SmartFinancial had a return on equity of 6.44% and a net margin of 8.80%. The firm had revenue of $16.92 million for the quarter, compared to the consensus estimate of $14.60 million. analysts expect that SmartFinancial Inc will post 1.5 EPS for the current fiscal year.
A number of research firms recently commented on SMBK. Zacks Investment Research upgraded SmartFinancial from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Wednesday. BidaskClub upgraded SmartFinancial from a “hold” rating to a “buy” rating in a report on Tuesday.
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SmartFinancial Company Profile
SmartFinancial, Inc, formerly Cornerstone Bancshares, Inc, is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans.
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