Insider Selling: SmartFinancial (NASDAQ:SMBK) EVP Sells 430 Shares

Key Points

• SmartFinancial EVP Rhett Jordan sold 430 shares at an average price of $52.75, generating $22,682.50 and reducing his direct stake by 3.64% to 11,372 shares.
• SMBK shares were essentially unchanged at $53.18, near their one-year high of $54.14. The stock has a consensus “Moderate Buy” rating, with an average analyst price target of $49.75.
• SmartFinancial announced a quarterly dividend of $0.09 per share, equivalent to $0.36 annually and a 0.7% yield; institutional investors own 58.78% of the company.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) EVP Rhett Jordan sold 430 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $52.75, for a total transaction of $22,682.50. Following the completion of the transaction, the executive vice president directly owned 11,372 shares of the company's stock, valued at approximately $599,873. The trade was a 3.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SmartFinancial Trading Down 0.0%

SMBK stock traded down $0.00 during midday trading on Tuesday, reaching $53.18. The company's stock had a trading volume of 146,408 shares, compared to its average volume of 87,932. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day simple moving average of $46.30 and a two-hundred day simple moving average of $42.54. SmartFinancial, Inc. has a 1 year low of $32.63 and a 1 year high of $54.14. The firm has a market capitalization of $909.25 million, a price-to-earnings ratio of 24.85 and a beta of 0.70.

SmartFinancial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on SMBK. Raymond James Financial reissued a "strong-buy" rating and issued a $58.00 price target on shares of SmartFinancial in a research report on Wednesday, July 22nd. Benchmark lifted their target price on SmartFinancial from $54.00 to $56.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Stephens boosted their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the company 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 assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.75.

Institutional Trading of SmartFinancial

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in SmartFinancial by 3.2% during the third quarter. Vanguard Group Inc. now owns 846,978 shares of the bank's stock valued at $30,263,000 after buying an additional 26,373 shares during the period. Dimensional Fund Advisors LP grew its stake in SmartFinancial by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 838,797 shares of the bank's stock valued at $31,027,000 after acquiring an additional 2,268 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of SmartFinancial by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 728,151 shares of the bank's stock valued at $26,934,000 after purchasing an additional 80,639 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of SmartFinancial by 3.2% in the 4th quarter. Renaissance Technologies LLC now owns 178,374 shares of the bank's stock worth $6,598,000 after acquiring an additional 5,500 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in SmartFinancial by 55.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank's stock worth $6,038,000 after purchasing an additional 58,560 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.

SmartFinancial Company 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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