Millennium Management LLC Increases Holdings in SmartFinancial, Inc. (NASDAQ:SMBK)

Millennium Management LLC boosted its stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 281.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,255 shares of the bank's stock after purchasing an additional 44,467 shares during the quarter. Millennium Management LLC owned about 0.36% of SmartFinancial worth $1,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in SmartFinancial by 4.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 758,069 shares of the bank's stock valued at $23,485,000 after purchasing an additional 32,418 shares in the last quarter. Wellington Management Group LLP boosted its position in SmartFinancial by 28.6% during the fourth quarter. Wellington Management Group LLP now owns 437,793 shares of the bank's stock valued at $13,563,000 after purchasing an additional 97,375 shares in the last quarter. American Century Companies Inc. boosted its position in SmartFinancial by 17.1% during the fourth quarter. American Century Companies Inc. now owns 274,947 shares of the bank's stock valued at $8,518,000 after purchasing an additional 40,104 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in SmartFinancial by 0.6% in the fourth quarter. Alliancebernstein L.P. now owns 208,193 shares of the bank's stock worth $6,450,000 after acquiring an additional 1,230 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in SmartFinancial by 2.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 127,177 shares of the bank's stock worth $3,940,000 after acquiring an additional 3,390 shares in the last quarter. Institutional investors own 58.78% of the company's stock.

Analyst Upgrades and Downgrades

SMBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered their price target on SmartFinancial from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Stephens reissued an "equal weight" rating and issued a $31.00 price target on shares of SmartFinancial in a report on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $33.70.

SmartFinancial Stock Up 2.6%

NASDAQ SMBK traded up $0.81 during trading on Friday, hitting $32.42. The company's stock had a trading volume of 61,397 shares, compared to its average volume of 53,006. SmartFinancial, Inc. has a fifty-two week low of $21.40 and a fifty-two week high of $37.72. The company has a market cap of $551.74 million, a PE ratio of 15.15 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 business's 50 day simple moving average is $30.26 and its 200-day simple moving average is $32.34.

SmartFinancial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Friday, May 2nd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Friday, May 2nd. SmartFinancial's payout ratio is 14.16%.

SmartFinancial Company 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.