Raymond James Financial Inc. Makes New $580,000 Investment in SmartFinancial, Inc. (NASDAQ:SMBK)

Raymond James Financial Inc. acquired a new stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 18,716 shares of the bank's stock, valued at approximately $580,000. Raymond James Financial Inc. owned approximately 0.11% of SmartFinancial at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC boosted its holdings in shares of SmartFinancial by 78.6% in the 3rd quarter. Barclays PLC now owns 22,848 shares of the bank's stock worth $666,000 after buying an additional 10,055 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of SmartFinancial by 6.9% in the 3rd quarter. Jane Street Group LLC now owns 14,925 shares of the bank's stock worth $435,000 after buying an additional 967 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SmartFinancial by 130.6% in the 4th quarter. JPMorgan Chase & Co. now owns 75,527 shares of the bank's stock worth $2,340,000 after buying an additional 42,771 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of SmartFinancial in the 4th quarter worth about $917,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SmartFinancial by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 44,448 shares of the bank's stock worth $1,377,000 after buying an additional 550 shares during the last quarter. 58.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Stephens reaffirmed an "equal weight" rating and set a $31.00 price objective on shares of SmartFinancial in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price objective on shares of SmartFinancial from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Thursday, April 24th. Finally, Raymond James reaffirmed a "strong-buy" rating and set a $42.00 price objective (up from $36.00) on shares of SmartFinancial in a report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $33.70.

SmartFinancial Trading Up 1.4%

NASDAQ:SMBK traded up $0.43 during trading hours on Tuesday, hitting $31.89. The company had a trading volume of 5,341 shares, compared to its average volume of 52,519. SmartFinancial, Inc. has a 52 week low of $21.40 and a 52 week high of $37.72. The company has a market capitalization of $542.70 million, a PE ratio of 14.90 and a beta of 0.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day moving average price of $30.15 and a 200 day moving average price of $32.71.

SmartFinancial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Friday, May 2nd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Friday, May 2nd. SmartFinancial's dividend payout ratio (DPR) is 14.16%.

SmartFinancial Profile

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.