Cathy Ackermann Buys 3,000 Shares of SmartFinancial (NASDAQ:SMBK) Stock

SmartFinancial, Inc. (NASDAQ:SMBK) Director Cathy Ackermann acquired 3,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $42.12 per share, for a total transaction of $126,360.00. Following the acquisition, the director directly owned 19,831 shares of the company’s stock, valued at approximately $835,281.72. This trade represents a 17.82% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

SmartFinancial Stock Up 1.7%

Shares of NASDAQ:SMBK opened at $42.34 on Friday. SmartFinancial, Inc. has a 52-week low of $30.95 and a 52-week high of $43.90. The business’s 50 day simple moving average is $41.23 and its two-hundred day simple moving average is $39.63. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $723.88 million, a P/E ratio of 19.78 and a beta of 0.72.

SmartFinancial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s payout ratio is 11.54%.

Hedge Funds Weigh In On SmartFinancial

Several institutional investors and hedge funds have recently made changes to their positions in SMBK. Equitable Trust Co. grew its position in SmartFinancial by 2.2% during the 1st quarter. Equitable Trust Co. now owns 11,475 shares of the bank’s stock worth $448,000 after acquiring an additional 250 shares during the last quarter. First Trust Advisors LP grew its stake in shares of SmartFinancial by 0.6% in the first quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock worth $1,821,000 after acquiring an additional 280 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of SmartFinancial by 13.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after buying an additional 316 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of SmartFinancial by 5.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock valued at $217,000 after purchasing an additional 321 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of SmartFinancial by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock valued at $295,000 after acquiring an additional 390 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

Wall Street Analyst Weigh In

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

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.