Hillsdale Investment Management Inc. Invests $3.72 Million in SmartFinancial, Inc. (NASDAQ:SMBK)

Hillsdale Investment Management Inc. acquired a new position in SmartFinancial, Inc. (NASDAQ:SMBK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 120,029 shares of the bank’s stock, valued at approximately $3,718,000. Hillsdale Investment Management Inc. owned approximately 0.71% of SmartFinancial as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. lifted its position in SmartFinancial by 17.1% during the 4th quarter. American Century Companies Inc. now owns 274,947 shares of the bank’s stock worth $8,518,000 after buying an additional 40,104 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in SmartFinancial by 423.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,048 shares of the bank’s stock worth $1,860,000 after acquiring an additional 48,576 shares in the last quarter. Raymond James Financial Inc. acquired a new position in SmartFinancial during the fourth quarter valued at approximately $580,000. Proficio Capital Partners LLC bought a new position in SmartFinancial in the fourth quarter valued at approximately $917,000. Finally, Victory Capital Management Inc. grew its stake in SmartFinancial by 7.4% in the fourth quarter. Victory Capital Management Inc. now owns 34,200 shares of the bank’s stock valued at $1,060,000 after purchasing an additional 2,351 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SMBK shares. Stephens downgraded SmartFinancial from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th. Raymond James reaffirmed a “strong-buy” rating and set a $42.00 price target (up from $36.00) on shares of SmartFinancial in a research report on Thursday, January 23rd. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SmartFinancial currently has an average rating of “Hold” and an average price target of $30.70.

Insider Buying and Selling at SmartFinancial

In other news, Chairman Wesley Miller Welborn acquired 1,162 shares of SmartFinancial stock in a transaction dated Monday, February 3rd. The stock was bought at an average price of $34.75 per share, for a total transaction of $40,379.50. Following the completion of the acquisition, the chairman now directly owns 96,938 shares in the company, valued at approximately $3,368,595.50. The trade was a 1.21 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.68% of the company’s stock.

SmartFinancial Stock Performance

SMBK opened at $31.13 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market cap of $526.91 million, a price-to-earnings ratio of 14.55 and a beta of 0.67. SmartFinancial, Inc. has a 12-month low of $19.00 and a 12-month high of $37.72. The business has a 50 day moving average of $33.74 and a 200-day moving average of $32.64.

SmartFinancial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.03%. SmartFinancial’s dividend payout ratio (DPR) is 14.95%.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.