Renaissance Technologies LLC Sells 26,100 Shares of SmartFinancial, Inc. $SMBK

Key Points

• Renaissance Technologies cut its SmartFinancial position by 14.6%, selling 26,100 shares and retaining 152,274 shares worth approximately $5.95 million. Institutional investors collectively own 58.78% of the company.
• SmartFinancial shares opened at $52.94, near their 12-month high of $54.14, while analysts maintained a “Moderate Buy” consensus and an average price target of $49.75.
• The company declared a quarterly dividend of $0.09 per share, equivalent to an annualized $0.36 payout and a 0.7% yield. Two directors also recently purchased 3,000 shares each, and insiders own 6.93% of the stock.

Renaissance Technologies LLC reduced its position in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 14.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 152,274 shares of the bank's stock after selling 26,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.89% of SmartFinancial worth $5,951,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in SmartFinancial by 801.7% in the fourth quarter. SG Americas Securities LLC now owns 34,607 shares of the bank's stock valued at $1,280,000 after buying an additional 30,769 shares during the period. Deprince Race & Zollo Inc. boosted its position in SmartFinancial by 14.1% during the fourth quarter. Deprince Race & Zollo Inc. now owns 132,067 shares of the bank's stock valued at $4,885,000 after acquiring an additional 16,367 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in SmartFinancial during the 1st quarter worth about $792,000. Hsbc Holdings PLC grew its holdings in SmartFinancial by 176.1% during the 4th quarter. Hsbc Holdings PLC now owns 22,325 shares of the bank's stock worth $825,000 after acquiring an additional 14,240 shares during the period. Finally, Algebris UK Ltd. bought a new position in shares of SmartFinancial in the 4th quarter worth about $2,158,000. 58.78% of the stock is owned by institutional investors.

SmartFinancial Price Performance

Shares of NASDAQ:SMBK opened at $52.94 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial, Inc. has a twelve month low of $32.63 and a twelve month high of $54.14. The stock's 50 day moving average is $46.75 and its 200-day moving average is $42.74. The firm has a market capitalization of $905.17 million, a price-to-earnings ratio of 24.74 and a beta of 0.69.

SmartFinancial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.09 per share. The ex-dividend date is Friday, July 31st. This represents a $0.36 annualized dividend and a yield of 0.7%. SmartFinancial's dividend payout ratio is presently 10.62%.

Analysts Set New Price Targets

SMBK has been the topic of a number of recent analyst reports. Benchmark boosted their price objective on SmartFinancial from $54.00 to $56.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Stephens lifted their target price on SmartFinancial from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Raymond James Financial reissued a "strong-buy" rating and issued a $58.00 price target on shares of SmartFinancial in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of SmartFinancial from $46.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $49.75.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Director Cathy G. Ackermann acquired 3,000 shares of the company's stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $42.12 per share, with a total value of $126,360.00. Following the completion of the purchase, the director owned 19,831 shares of the company's stock, valued at approximately $835,281.72. This represents a 17.82% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Victor Lynn Barrett acquired 3,000 shares of SmartFinancial stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $43.78 per share, with a total value of $131,340.00. Following the completion of the acquisition, the director directly owned 151,724 shares of the company's stock, valued at approximately $6,642,476.72. The trade was a 2.02% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 6.93% of the company's stock.

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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