Nuveen LLC Takes $2.20 Million Position in SmartFinancial, Inc. $SMBK

Key Points

• Nuveen LLC has acquired a new position in SmartFinancial, Inc. with the purchase of 70,650 shares valued at approximately $2.2 million, representing about 0.42% of the company's stock.
• SmartFinancial recently reported an earnings per share (EPS) of $0.69, exceeding analysts' expectations, with a projected EPS of 2.45 for the current year.
• The company declared a quarterly dividend of $0.08 per share, offering a current yield of 0.9% and maintaining a payout ratio of 12.96%.

Nuveen LLC purchased a new position in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 70,650 shares of the bank's stock, valued at approximately $2,196,000. Nuveen LLC owned 0.42% of SmartFinancial at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SMBK. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 32,418 shares in the last quarter. Wellington Management Group LLP raised its position in shares of SmartFinancial by 28.6% during the fourth quarter. Wellington Management Group LLP now owns 437,793 shares of the bank's stock worth $13,563,000 after purchasing an additional 97,375 shares during the period. Bridgeway Capital Management LLC raised its position in shares of SmartFinancial by 2.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 127,177 shares of the bank's stock worth $3,940,000 after purchasing an additional 3,390 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of SmartFinancial by 45.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,634 shares of the bank's stock worth $2,724,000 after buying an additional 27,586 shares during the period. Finally, Millennium Management LLC boosted its position in shares of SmartFinancial by 281.7% in the fourth quarter. Millennium Management LLC now owns 60,255 shares of the bank's stock worth $1,867,000 after buying an additional 44,467 shares during the period. 58.78% of the stock is owned by institutional investors and hedge funds.

SmartFinancial Price Performance

SmartFinancial stock traded down $0.14 on Monday, reaching $36.78. The company's stock had a trading volume of 35,580 shares, compared to its average volume of 53,737. The business's fifty day moving average price is $35.10 and its 200 day moving average price is $32.65. The company has a market cap of $625.94 million, a price-to-earnings ratio of 17.19 and a beta of 0.76. SmartFinancial, Inc. has a twelve month low of $26.31 and a twelve month high of $37.72. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.

SmartFinancial (NASDAQ:SMBK - Get Free Report) last released its earnings results on Monday, July 21st. The bank reported $0.69 EPS for the quarter, beating the consensus estimate of $0.66 by $0.03. SmartFinancial had a return on equity of 7.33% and a net margin of 12.67%.During the same period in the previous year, the company posted $0.46 earnings per share. Equities analysts expect that SmartFinancial, Inc. will post 2.45 earnings per share for the current fiscal year.

SmartFinancial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Friday, August 8th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.9%. SmartFinancial's dividend payout ratio is 12.96%.

Analyst Upgrades and Downgrades

SMBK has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their price target on shares of SmartFinancial from $35.00 to $38.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Hovde Group raised their target price on shares of SmartFinancial from $37.50 to $40.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $44.00 target price (up from $42.00) on shares of SmartFinancial in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.25.

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.