SmartFinancial (NASDAQ:SMBK) Director Kelli Shomaker Purchases 290 Shares

Key Points

• Director Kelli Shomaker purchased 290 shares on May 4 at an average price of $41.30, boosting her holding to 2,120 shares (a 15.85% increase) as disclosed in an SEC Form 4.
• The company raised its quarterly dividend to $0.09 per share (ex-dividend May 15, payable June 1) and the board authorized a $10 million buyback program to repurchase roughly 1.5% of outstanding shares.
• SMBK traded down about 2.8% to $41.18, with a market cap of $704 million and a P/E of 19.24; analysts' average target is $45.88 (consensus rating: Moderate Buy).

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) Director Kelli Shomaker acquired 290 shares of the stock in a transaction dated Monday, May 4th. The stock was acquired at an average cost of $41.30 per share, with a total value of $11,977.00. Following the completion of the transaction, the director owned 2,120 shares in the company, valued at approximately $87,556. This represents a 15.85% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

SmartFinancial Trading Down 2.8%

Shares of SMBK stock traded down $1.18 during mid-day trading on Monday, hitting $41.18. The company's stock had a trading volume of 52,081 shares, compared to its average volume of 73,145. The company's fifty day simple moving average is $40.07 and its 200-day simple moving average is $38.64. SmartFinancial, Inc. has a 52 week low of $29.78 and a 52 week high of $43.90. 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 company has a market cap of $704.15 million, a PE ratio of 19.24 and a beta of 0.76.

SmartFinancial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.09 per share. This is a boost from SmartFinancial's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, May 15th. SmartFinancial's payout ratio is currently 10.26%.

SmartFinancial declared that its Board of Directors has initiated a stock buyback program on Friday, January 30th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 1.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SMBK. First Eagle Investment Management LLC lifted its stake in shares of SmartFinancial by 375.5% in the fourth quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank's stock valued at $5,629,000 after buying an additional 120,167 shares in the last quarter. Wellington Management Group LLP lifted its stake 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 buying an additional 80,639 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of SmartFinancial by 55.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank's stock valued at $6,038,000 after buying an additional 58,560 shares in the last quarter. Algebris UK Ltd. bought a new position in shares of SmartFinancial in the fourth quarter valued at $2,158,000. Finally, North Reef Capital Management LP lifted its stake in shares of SmartFinancial by 59.5% in the fourth quarter. North Reef Capital Management LP now owns 134,871 shares of the bank's stock valued at $4,989,000 after buying an additional 50,301 shares in the last quarter. 58.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on SMBK. Zacks Research lowered shares of SmartFinancial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Hovde Group raised shares of SmartFinancial from a "market perform" rating to an "outperform" rating and set a $48.00 target price on the stock in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their target price on SmartFinancial from $42.00 to $46.00 and gave the company a "market perform" rating in a research report on Tuesday, April 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $50.00 target price on shares of SmartFinancial in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $45.88.

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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