SmartFinancial, Inc. $SMBK Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management reduced its SmartFinancial stake by 12%, selling 80,961 shares and retaining 594,386 shares worth approximately $27.9 million, or 3.48% of the company.
• Other institutional investors increased their positions, including Bank of America, HSBC, and Bank of New York Mellon; institutional investors collectively own 58.78% of SmartFinancial.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $50.42. SmartFinancial also pays a quarterly dividend of $0.09, equivalent to a 0.7% yield.

Wellington Management Group LLP lessened its holdings in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 12.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 594,386 shares of the bank's stock after selling 80,961 shares during the period. Wellington Management Group LLP owned approximately 3.48% of SmartFinancial worth $27,889,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Bank of America Corp DE boosted its position in shares of SmartFinancial by 147.6% during the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank's stock worth $1,854,000 after purchasing an additional 28,280 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of SmartFinancial by 176.1% in the 4th quarter. Hsbc Holdings PLC now owns 22,325 shares of the bank's stock valued at $825,000 after purchasing an additional 14,240 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of SmartFinancial in the 1st quarter valued at about $792,000. Bank of New York Mellon Corp lifted its stake in shares of SmartFinancial by 14.9% in the first quarter. Bank of New York Mellon Corp now owns 80,719 shares of the bank's stock valued at $3,154,000 after purchasing an additional 10,470 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in SmartFinancial during the first quarter worth about $708,000. Hedge funds and other institutional investors own 58.78% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other SmartFinancial news, Director Victor Barrett purchased 3,000 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was bought at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the acquisition, the director 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.93% of the company's stock.

SmartFinancial Price Performance

NASDAQ:SMBK opened at $51.94 on Friday. The firm has a market cap of $888.07 million, a price-to-earnings ratio of 24.27 and a beta of 0.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The company's 50-day moving average is $50.08 and its two-hundred day moving average is $44.35. SmartFinancial, Inc. has a 12-month low of $33.01 and a 12-month high of $54.14.

SmartFinancial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, July 31st were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, July 31st. SmartFinancial's payout ratio is presently 10.62%.

SmartFinancial Profile

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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