SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Wesley Miller Welborn Purchases 1,162 Shares

SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Wesley Miller Welborn purchased 1,162 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were acquired 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 of the company’s stock, valued at $3,368,595.50. This trade represents a 1.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

SmartFinancial Price Performance

NASDAQ SMBK traded up $0.55 during trading on Tuesday, hitting $35.31. 24,261 shares of the company’s stock were exchanged, compared to its average volume of 54,648. The stock’s 50 day moving average price is $33.21 and its two-hundred day moving average price is $31.16. SmartFinancial, Inc. has a fifty-two week low of $19.00 and a fifty-two week high of $37.72. The company has a market cap of $597.71 million, a PE ratio of 16.50 and a beta of 0.71. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. SmartFinancial’s payout ratio is currently 14.95%.

Institutional Investors Weigh In On SmartFinancial

Several hedge funds have recently bought and sold shares of SMBK. Jane Street Group LLC boosted its position in shares of SmartFinancial by 6.9% during the third quarter. Jane Street Group LLC now owns 14,925 shares of the bank’s stock worth $435,000 after acquiring an additional 967 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SmartFinancial by 0.4% during the third quarter. Geode Capital Management LLC now owns 335,501 shares of the bank’s stock worth $9,779,000 after buying an additional 1,307 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of SmartFinancial by 4.4% in the third quarter. Victory Capital Management Inc. now owns 31,849 shares of the bank’s stock valued at $928,000 after purchasing an additional 1,349 shares during the period. Huntington National Bank lifted its position in shares of SmartFinancial by 5,269.2% during the third quarter. Huntington National Bank now owns 1,396 shares of the bank’s stock worth $41,000 after purchasing an additional 1,370 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in SmartFinancial by 32.1% in the fourth quarter. SG Americas Securities LLC now owns 7,292 shares of the bank’s stock valued at $226,000 after purchasing an additional 1,771 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SMBK. Raymond James reissued a “strong-buy” rating and set a $42.00 price target (up from $36.00) on shares of SmartFinancial in a report on Thursday, January 23rd. Stephens downgraded shares of SmartFinancial from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th. Finally, Hovde Group boosted their price target on shares of SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $30.70.

About SmartFinancial

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.