Insider Selling: SmartFinancial (NASDAQ:SMBK) EVP Sells $11,971.50 in Stock

Key Points

• SmartFinancial EVP Rhett Jordan sold 230 shares at an average price of $52.05, generating $11,971.50. His remaining stake totaled 11,142 shares, representing a 2.02% reduction.
• SmartFinancial shares slipped 0.3% to $52.07, while the stock traded near its 12-month high of $54.14. Institutional investors own approximately 58.78% of the company.
• The company maintains a quarterly dividend of $0.09 per share, or $0.36 annually, yielding about 0.7%. Analysts have a consensus “Moderate Buy” rating and an average price target of $50.42.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) EVP Rhett Jordan sold 230 shares of the company's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $52.05, for a total transaction of $11,971.50. Following the completion of the sale, the executive vice president owned 11,142 shares in the company, valued at approximately $579,941.10. This trade represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

SmartFinancial Stock Down 0.3%

Shares of NASDAQ SMBK traded down $0.17 on Monday, reaching $52.07. 86,921 shares of the company's stock traded hands, compared to its average volume of 90,411. The business's 50 day simple moving average is $50.50 and its two-hundred day simple moving average is $44.74. SmartFinancial, Inc. has a 12 month low of $33.01 and a 12 month high of $54.14. The company has a market cap of $890.29 million, a price-to-earnings ratio of 24.33 and a beta of 0.68. 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 Dividend Announcement

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

Hedge Funds Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC purchased a new stake in SmartFinancial during the 2nd quarter valued at $371,000. Engineers Gate Manager LP raised its stake in shares of SmartFinancial by 17.7% in the second quarter. Engineers Gate Manager LP now owns 6,570 shares of the bank's stock worth $308,000 after purchasing an additional 990 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of SmartFinancial by 106.6% during the second quarter. Squarepoint Ops LLC now owns 15,439 shares of the bank's stock valued at $724,000 after purchasing an additional 7,965 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of SmartFinancial by 1,111.2% during the second quarter. California State Teachers Retirement System now owns 10,041 shares of the bank's stock valued at $471,000 after purchasing an additional 9,212 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of SmartFinancial during the second quarter valued at $47,000. 58.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

SmartFinancial Company Profile

SmartFinancial, Inc is a bank holding company that operates through its wholly owned subsidiary, SmartBank. The company provides community banking services to individuals, businesses and institutions, with offerings that include deposit accounts, residential and commercial real estate lending, consumer loans, business loans and other credit products.

SmartBank also provides treasury management and cash-management services for businesses, along with mortgage banking, wealth management and related financial services.

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