SmartFinancial, Inc. (NASDAQ:SMBK) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in SmartFinancial, Inc. (NASDAQ: SMBK) by 45.9%, now owning 87,634 shares valued at approximately $2.72 million.
• The company reported earnings of $0.69 per share for the last quarter, exceeding estimates by $0.03, showcasing a 12.67% net margin.
• SmartFinancial declared a quarterly dividend of $0.08 per share, with a 0.9% yield, set to be paid on August 25th.

Connor Clark & Lunn Investment Management Ltd. raised its position in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 45.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,634 shares of the bank's stock after purchasing an additional 27,586 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.51% of SmartFinancial worth $2,724,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bailard Inc. purchased a new position in shares of SmartFinancial during the 1st quarter worth about $386,000. CWM LLC lifted its holdings in shares of SmartFinancial by 282.9% during the 1st quarter. CWM LLC now owns 2,489 shares of the bank's stock worth $77,000 after acquiring an additional 1,839 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of SmartFinancial by 2,389.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 5,004 shares of the bank's stock worth $156,000 after acquiring an additional 4,803 shares during the period. GAMMA Investing LLC lifted its holdings in shares of SmartFinancial by 19,400.0% during the 1st quarter. GAMMA Investing LLC now owns 2,145 shares of the bank's stock worth $69,000 after acquiring an additional 2,134 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of SmartFinancial by 28.6% during the 4th quarter. Wellington Management Group LLP now owns 437,793 shares of the bank's stock worth $13,563,000 after acquiring an additional 97,375 shares during the period. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

SmartFinancial Trading Down 0.4%

SMBK traded down $0.14 on Friday, reaching $35.41. 134,465 shares of the company's stock were exchanged, compared to its average volume of 54,489. The company's 50 day moving average is $34.16 and its 200-day moving average is $32.64. The company has a market cap of $602.68 million, a price-to-earnings ratio of 16.55 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 issued its quarterly earnings data on Monday, July 21st. The bank reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. SmartFinancial had a net margin of 12.67% and a return on equity of 7.33%. During the same period in the prior year, the business earned $0.46 earnings per share. Equities analysts predict that SmartFinancial, Inc. will post 2.45 earnings per share for the current year.

SmartFinancial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Friday, August 8th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.32 annualized dividend and a yield of 0.9%. SmartFinancial's dividend payout ratio (DPR) is 12.96%.

Analyst Ratings Changes

Several research analysts have recently weighed in on SMBK shares. Raymond James Financial reiterated a "strong-buy" rating and set a $44.00 price objective (up from $42.00) on shares of SmartFinancial in a report on Thursday, July 24th. Stephens reissued an "equal weight" rating and set a $31.00 target price on shares of SmartFinancial in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their target price on shares of SmartFinancial from $35.00 to $38.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Finally, Hovde Group increased their target price on shares of SmartFinancial from $37.50 to $40.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd.

About SmartFinancial

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.