Bank of America Corp DE Boosts Stock Position in SmartFinancial, Inc. $SMBK

Key Points

• Bank of America increased its SmartFinancial stake by 147.6% in the first quarter, ending with 47,443 shares valued at approximately $1.85 million. Hedge funds and other institutional investors collectively own 58.78% of SMBK.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and an average price target of $50.42; individual targets range from $47 to $60.
• SmartFinancial shares opened at $50.97, near the analyst consensus target, while the company paid a quarterly dividend of $0.09 per share, equivalent to a 0.7% annualized yield.

Bank of America Corp DE raised its position in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 147.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,443 shares of the bank's stock after buying an additional 28,280 shares during the quarter. Bank of America Corp DE owned about 0.28% of SmartFinancial worth $1,854,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in SmartFinancial in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC increased its position in shares of SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank's stock worth $51,000 after purchasing an additional 472 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings 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 last quarter. PNC Financial Services Group Inc. lifted its holdings 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 last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of SmartFinancial in the 2nd quarter worth $128,000. 58.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on SMBK shares. Stephens upped their target price on SmartFinancial from $45.00 to $47.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods raised their price target on SmartFinancial from $46.00 to $50.00 and gave the stock a "market perform" rating in a report on Thursday, July 23rd. Raymond James Financial restated a "strong-buy" rating and set a $58.00 price target on shares of SmartFinancial in a research note on Wednesday, July 22nd. Finally, Benchmark upped their price objective on shares of SmartFinancial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.42.

Insider Buying and Selling at SmartFinancial

In related news, Director Victor Lynn Barrett acquired 3,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was acquired at an average price of $43.78 per share, with a total value of $131,340.00. Following the acquisition, the director directly owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.93% of the company's stock.

SmartFinancial Stock Up 1.9%

SMBK stock opened at $50.97 on Thursday. The company has a market capitalization of $871.47 million, a P/E ratio of 23.82 and a beta of 0.69. SmartFinancial, Inc. has a 12 month low of $33.01 and a 12 month high of $54.14. The firm's fifty day simple moving average is $49.89 and its 200-day simple moving average is $44.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, July 31st were paid a dividend of $0.09 per share. The ex-dividend date was Friday, July 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. SmartFinancial's dividend payout ratio (DPR) is presently 10.62%.

SmartFinancial 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.

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