Wellington Management Group LLP Sells 16,818 Shares of SmartFinancial, Inc. $SMBK

Key Points

• Wellington Management Group LLP decreased its holdings in SmartFinancial, Inc. by 3.8%, selling 16,818 shares during the first quarter, now owning 420,975 shares worth approximately $13,084,000.
• Several institutional investors, including Wells Fargo and Invesco, have recently increased their stakes in SmartFinancial, highlighting a growing interest in the bank's shares.
• SmartFinancial reported earnings per share of $0.69 for the last quarter, surpassing analysts' expectations, and has a current average rating of "Moderate Buy" with a target price of $38.25.

Wellington Management Group LLP lowered its position in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 420,975 shares of the bank's stock after selling 16,818 shares during the period. Wellington Management Group LLP owned approximately 2.47% of SmartFinancial worth $13,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of SMBK. Wells Fargo & Company MN raised its stake in shares of SmartFinancial by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 9,331 shares of the bank's stock valued at $289,000 after acquiring an additional 2,031 shares in the last quarter. Invesco Ltd. grew its holdings in shares of SmartFinancial by 16.7% during the fourth quarter. Invesco Ltd. now owns 27,796 shares of the bank's stock valued at $861,000 after buying an additional 3,979 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in SmartFinancial in the fourth quarter valued at $580,000. Barclays PLC boosted its holdings in SmartFinancial by 14.2% in the fourth quarter. Barclays PLC now owns 26,095 shares of the bank's stock valued at $808,000 after purchasing an additional 3,247 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of SmartFinancial by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 758,069 shares of the bank's stock worth $23,485,000 after acquiring an additional 32,418 shares during the period. Institutional investors own 58.78% of the company's stock.

Analyst Ratings Changes

SMBK has been the subject of several research reports. Hovde Group boosted their price objective on SmartFinancial from $37.50 to $40.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $44.00 price objective (up from $42.00) on shares of SmartFinancial in a research report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods boosted 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. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $38.25.

SmartFinancial Stock Performance

Shares of SmartFinancial stock traded down $0.14 during trading hours 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 company's 50 day simple moving average is $35.02 and its 200 day simple moving average is $32.64. 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, Inc. has a one year low of $26.31 and a one year high of $37.72. The stock has a market cap of $625.94 million, a P/E ratio of 17.19 and a beta of 0.76.

SmartFinancial (NASDAQ:SMBK - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The bank reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the business earned $0.46 earnings per share. As a group, analysts expect that SmartFinancial, Inc. will post 2.45 EPS for the current fiscal year.

SmartFinancial Dividend Announcement

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

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.