Bank of New York Mellon Corp Invests $3.75 Million in SmartFinancial, Inc. $SMBK

Key Points

• Bank of New York Mellon acquired 79,830 SmartFinancial shares worth approximately $3.75 million, giving it a 0.47% stake. Institutional investors collectively own 58.78% of the company.
• SmartFinancial shares opened at $51.94, near their 52-week high of $54.14, with a market capitalization of roughly $888 million. The company recently paid a quarterly dividend of $0.09 per share, representing a 0.7% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $50.42, while targets range from $47 to $60. A company director also purchased 3,000 shares, and insiders own 6.93% of the stock.

Bank of New York Mellon Corp acquired a new stake in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 79,830 shares of the bank's stock, valued at approximately $3,746,000. Bank of New York Mellon Corp owned about 0.47% of SmartFinancial as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Equitable Trust Co. boosted its holdings in SmartFinancial by 2.2% during the first quarter. Equitable Trust Co. now owns 11,475 shares of the bank's stock worth $448,000 after purchasing an additional 250 shares during the last quarter. First Trust Advisors LP increased its stake in SmartFinancial by 0.6% in the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank's stock valued at $1,821,000 after buying an additional 280 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in SmartFinancial by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank's stock valued at $106,000 after buying an additional 316 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in SmartFinancial by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank's stock worth $295,000 after buying an additional 390 shares in the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of SmartFinancial by 3.1% in the 1st quarter. Inspire Investing LLC now owns 13,061 shares of the bank's stock valued at $510,000 after acquiring an additional 393 shares in the last quarter. Institutional investors own 58.78% of the company's stock.

SmartFinancial Stock Performance

Shares of SMBK opened at $51.94 on Monday. The company has a market cap of $888.07 million, a PE ratio of 24.27 and a beta of 0.68. The firm has a 50-day moving average of $50.08 and a 200-day moving average of $44.37. SmartFinancial, Inc. has a one year low of $33.01 and a one year high of $54.14. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were issued 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 yield of 0.7%. SmartFinancial's dividend payout ratio (DPR) is presently 10.62%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other SmartFinancial news, Director Victor Barrett purchased 3,000 shares of the stock in a transaction on Wednesday, June 10th. The shares were purchased at an average price of $43.78 per share, with a total value of $131,340.00. Following the completion of the transaction, the director directly owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.93% of the stock is currently owned by company insiders.

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.

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