North Reef Capital Management LP Has $3.02 Million Stock Holdings in SmartFinancial, Inc. $SMBK

North Reef Capital Management LP lifted its stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 83.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,570 shares of the bank’s stock after acquiring an additional 38,466 shares during the quarter. North Reef Capital Management LP owned approximately 0.50% of SmartFinancial worth $3,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Tripletail Wealth Management LLC acquired a new stake in SmartFinancial during the 3rd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC lifted its position in shares of SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of SmartFinancial by 173.4% in 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 last quarter. PNC Financial Services Group Inc. boosted its stake in shares of SmartFinancial by 24.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock valued at $76,000 after purchasing an additional 438 shares during the last quarter. Finally, CWM LLC increased its position in shares of SmartFinancial by 27.7% during the third quarter. CWM LLC now owns 3,160 shares of the bank’s stock worth $113,000 after buying an additional 685 shares during the period. 58.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Wesley Miller Welborn bought 835 shares of the company’s stock in a transaction on Monday, February 9th. The shares were purchased at an average cost of $43.13 per share, for a total transaction of $36,013.55. Following the completion of the purchase, the chairman directly owned 96,468 shares in the company, valued at $4,160,664.84. The trade was a 0.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 7.62% of the company’s stock.

SmartFinancial Stock Up 0.7%

SMBK stock opened at $38.42 on Tuesday. The stock has a market cap of $654.27 million, a P/E ratio of 17.95 and a beta of 0.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $39.94 and its two-hundred day simple moving average is $37.65. SmartFinancial, Inc. has a 1-year low of $26.31 and a 1-year high of $43.90.

SmartFinancial announced that its board has approved a share repurchase program on Friday, January 30th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 1.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, February 13th. SmartFinancial’s dividend payout ratio (DPR) is 10.74%.

Analyst Ratings Changes

Several research firms recently issued reports on SMBK. Zacks Research lowered shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Hovde Group upgraded SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, SmartFinancial presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.50.

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.