SmartFinancial (NASDAQ:SMBK) Sets New 52-Week High After Dividend Announcement

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $49.34 and last traded at $49.2450, with a volume of 26999 shares traded. The stock had previously closed at $47.67.

The newly announced dividend which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, July 31st. SmartFinancial’s payout ratio is currently 11.54%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SMBK shares. Raymond James Financial reiterated a “strong-buy” rating and set a $50.00 price target on shares of SmartFinancial in a report on Monday, April 20th. Keefe, Bruyette & Woods raised their price objective on shares of SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st. Finally, Benchmark initiated coverage on shares of SmartFinancial in a research note on Wednesday, June 24th. They set a “buy” rating and a $54.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

SmartFinancial Stock Performance

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 firm has a 50-day moving average of $44.26 and a 200 day moving average of $41.57. The stock has a market capitalization of $832.07 million, a P/E ratio of 22.75 and a beta of 0.70.

Insider Transactions at SmartFinancial

In related news, Director Cathy G. Ackermann acquired 3,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were bought at an average cost of $42.12 per share, for a total transaction of $126,360.00. Following the purchase, the director owned 19,831 shares in the company, 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 Securities & Exchange Commission, which is available through this link. Also, Director Victor Lynn Barrett bought 3,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was bought at an average cost of $43.78 per share, with a total value of $131,340.00. Following the completion of the acquisition, the director owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 6,290 shares of company stock worth $269,677. 6.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of SmartFinancial by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 846,978 shares of the bank’s stock worth $30,263,000 after purchasing an additional 26,373 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in SmartFinancial by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 838,797 shares of the bank’s stock valued at $31,027,000 after purchasing an additional 2,268 shares during the last quarter. Wellington Management Group LLP boosted its position in SmartFinancial by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock valued at $26,934,000 after buying an additional 80,639 shares in the last quarter. Renaissance Technologies LLC grew its stake in SmartFinancial by 3.2% during the fourth quarter. Renaissance Technologies LLC now owns 178,374 shares of the bank’s stock worth $6,598,000 after buying an additional 5,500 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in SmartFinancial by 55.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock worth $6,038,000 after buying an additional 58,560 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.

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.