SmartFinancial, Inc. (NASDAQ:SMBK) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 9.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 32,756 shares of the bank’s stock after selling 3,393 shares during the period. JPMorgan Chase & Co. owned about 0.19% of SmartFinancial worth $955,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Huntington National Bank boosted its position in shares of SmartFinancial by 5,269.2% in the 3rd quarter. Huntington National Bank now owns 1,396 shares of the bank’s stock valued at $41,000 after purchasing an additional 1,370 shares during the period. SG Americas Securities LLC purchased a new stake in SmartFinancial during the third quarter valued at about $161,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of SmartFinancial in the third quarter worth about $226,000. CAP Partners LLC purchased a new position in shares of SmartFinancial in the third quarter worth approximately $230,000. Finally, XTX Topco Ltd purchased a new position in shares of SmartFinancial in the third quarter worth approximately $272,000. 58.78% of the stock is owned by institutional investors.

Insider Activity at SmartFinancial

In other news, Director John M. Presley sold 6,916 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $35.05, for a total transaction of $242,405.80. Following the sale, the director now directly owns 3,960 shares in the company, valued at approximately $138,798. The trade was a 63.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 7,516 shares of company stock worth $262,600. Company insiders own 7.68% of the company’s stock.

SmartFinancial Stock Performance

Shares of SMBK opened at $35.53 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. SmartFinancial, Inc. has a one year low of $19.00 and a one year high of $37.72. The company’s fifty day moving average price is $33.26 and its 200 day moving average price is $30.79. The company has a market capitalization of $601.44 million, a PE ratio of 16.60 and a beta of 0.70.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Friday, January 31st. SmartFinancial’s dividend payout ratio is currently 14.95%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SMBK. Stephens downgraded shares of SmartFinancial from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. Raymond James reissued a “strong-buy” rating and set a $42.00 price target (up from $36.00) on shares of SmartFinancial in a research report on Thursday. Finally, Hovde Group raised their price objective on SmartFinancial from $28.00 to $32.50 and gave the stock a “market perform” rating in a research report on Wednesday, October 23rd. Four investment 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 presently has an average rating of “Hold” and an average price target of $30.70.

About SmartFinancial

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.