SmartFinancial (NASDAQ:SMBK) Sets New 52-Week High After Insider Buying Activity

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high during trading on Wednesday following insider buying activity. The stock traded as high as $44.51 and last traded at $44.3390, with a volume of 9110 shares traded. The stock had previously closed at $43.55.

Specifically, Director Victor Lynn Barrett acquired 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average cost 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. The trade was a 2.02% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cathy G. Ackermann acquired 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were bought at an average price 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 $835,281.72. This trade represents a 17.82% increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SMBK. Raymond James Financial reiterated a “strong-buy” rating and set a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Keefe, Bruyette & Woods upped their price target on SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.88.

SmartFinancial Stock Up 0.9%

The firm has a market capitalization of $764.47 million, a PE ratio of 20.89 and a beta of 0.72. The company has a fifty day moving average price of $41.64 and a 200-day moving average price of $39.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.

SmartFinancial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a dividend of $0.09 per share. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 annualized dividend and a dividend yield of 0.8%. SmartFinancial’s payout ratio is currently 11.54%.

Institutional Trading of SmartFinancial

Several hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC raised its holdings in shares of SmartFinancial by 10.4% during the 1st quarter. NewEdge Advisors LLC now owns 29,429 shares of the bank’s stock worth $1,150,000 after acquiring an additional 2,778 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of SmartFinancial by 147.6% during the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank’s stock worth $1,854,000 after acquiring an additional 28,280 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of SmartFinancial by 90.3% during the 1st quarter. Quantinno Capital Management LP now owns 20,794 shares of the bank’s stock worth $813,000 after acquiring an additional 9,869 shares in the last quarter. North Reef Capital Management LP raised its holdings in shares of SmartFinancial by 1.6% during the 1st quarter. North Reef Capital Management LP now owns 137,088 shares of the bank’s stock worth $5,357,000 after acquiring an additional 2,217 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in SmartFinancial by 0.6% during the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock valued at $1,821,000 after buying an additional 280 shares during the period. 58.78% of the stock is owned by hedge funds and other 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.