Geode Capital Management LLC Purchases 1,307 Shares of SmartFinancial, Inc. (NASDAQ:SMBK)

Geode Capital Management LLC raised its position in SmartFinancial, Inc. (NASDAQ:SMBK) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 335,501 shares of the bank’s stock after purchasing an additional 1,307 shares during the quarter. Geode Capital Management LLC owned 1.98% of SmartFinancial worth $9,779,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Stieven Capital Advisors L.P. bought a new position in shares of SmartFinancial during the third quarter worth about $4,491,000. Wellington Management Group LLP grew its stake in shares of SmartFinancial by 69.0% during the 3rd quarter. Wellington Management Group LLP now owns 340,418 shares of the bank’s stock worth $9,920,000 after acquiring an additional 139,009 shares in the last quarter. Mendon Capital Advisors Corp raised its holdings in shares of SmartFinancial by 5,760.9% in the second quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock valued at $1,586,000 after purchasing an additional 65,847 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of SmartFinancial by 320.7% in the second quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock worth $1,289,000 after purchasing an additional 41,602 shares in the last quarter. Finally, Foundry Partners LLC boosted its holdings in SmartFinancial by 23.9% during the third quarter. Foundry Partners LLC now owns 184,555 shares of the bank’s stock worth $5,378,000 after purchasing an additional 35,565 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SMBK shares. Raymond James lifted their price target on shares of SmartFinancial from $32.00 to $36.00 and gave the company a “strong-buy” rating in a research note on Wednesday, October 23rd. Hovde Group upped their target price on SmartFinancial from $28.00 to $32.50 and gave the stock a “market perform” rating in a report on Wednesday, October 23rd. Finally, Stephens cut SmartFinancial from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th. Five analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.50.

SmartFinancial Stock Down 0.5 %

SmartFinancial stock opened at $30.98 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50-day moving average is $34.23 and its 200-day moving average is $29.75. The firm has a market capitalization of $524.37 million, a PE ratio of 15.97 and a beta of 0.68. SmartFinancial, Inc. has a fifty-two week low of $19.00 and a fifty-two week high of $37.72.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. The firm had revenue of $73.10 million for the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a return on equity of 6.81% and a net margin of 11.88%. During the same quarter in the previous year, the business earned $0.43 earnings per share. Sell-side analysts anticipate that SmartFinancial, Inc. will post 2.02 earnings per share for the current year.

SmartFinancial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Tuesday, November 12th. SmartFinancial’s dividend payout ratio (DPR) is presently 16.49%.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Director John M. Presley sold 6,916 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $35.05, for a total transaction of $242,405.80. Following the completion of the sale, the director now directly owns 3,960 shares in the company, valued at $138,798. This trade represents a 63.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 7,516 shares of company stock valued at $262,600 in the last quarter. 7.68% of the stock is currently owned by insiders.

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.