Victor Lynn Barrett Acquires 3,000 Shares of SmartFinancial (NASDAQ:SMBK) Stock

SmartFinancial, Inc. (NASDAQ:SMBK) Director Victor Lynn Barrett bought 3,000 shares of SmartFinancial stock in a transaction on Wednesday, June 10th. The shares were purchased at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the acquisition, the director owned 151,724 shares in the company, valued at $6,642,476.72. The trade was a 2.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

SmartFinancial Trading Up 0.9%

NASDAQ:SMBK opened at $44.71 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 business’s 50 day moving average is $41.64 and its two-hundred day moving average is $39.92. SmartFinancial, Inc. has a 52 week low of $30.95 and a 52 week high of $44.94. The company has a market cap of $764.47 million, a PE ratio of 20.89 and a beta of 0.72.

SmartFinancial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. This is a boost from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s dividend payout ratio (DPR) is 11.54%.

Hedge Funds Weigh In On SmartFinancial

Hedge funds have recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new position in shares of SmartFinancial during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC increased its position in shares of SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after purchasing an additional 472 shares during the period. Tower Research Capital LLC TRC increased its position in shares of SmartFinancial by 173.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,202 shares during the period. State of Alaska Department of Revenue increased its position in shares of SmartFinancial by 209.1% during the 4th quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock valued at $77,000 after purchasing an additional 1,424 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of SmartFinancial by 13.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after purchasing an additional 316 shares during the period. 58.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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