Insider Buying: SmartFinancial (NASDAQ:SMBK) Chairman Buys $36,013.55 in Stock

SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Wesley Miller Welborn acquired 835 shares of SmartFinancial stock in a transaction dated Monday, February 9th. The stock was bought at an average price of $43.13 per share, for a total transaction of $36,013.55. Following the completion of the purchase, the chairman owned 96,468 shares of the company’s stock, valued at approximately $4,160,664.84. This represents a 0.87% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

SmartFinancial Trading Down 0.7%

SMBK opened at $41.52 on Friday. The business has a fifty day moving average price of $39.19 and a 200 day moving average price of $36.86. 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 12 month low of $26.31 and a 12 month high of $43.90. The stock has a market capitalization of $707.00 million, a price-to-earnings ratio of 19.40 and a beta of 0.77.

SmartFinancial announced that its Board of Directors has authorized a stock buyback plan on Friday, January 30th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

SmartFinancial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $0.32 annualized dividend and a yield of 0.8%. SmartFinancial’s dividend payout ratio (DPR) is 10.74%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SMBK. Zacks Research upgraded shares of SmartFinancial from a “hold” rating to a “strong-buy” rating in a report on Monday, February 2nd. Piper Sandler increased their target price on SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a report on Monday, October 27th. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on SmartFinancial from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 4th. Two analysts have 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.50.

Institutional Investors Weigh In On SmartFinancial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC grew its holdings in shares of SmartFinancial by 150.9% during the first quarter. AQR Capital Management LLC now owns 51,972 shares of the bank’s stock worth $1,615,000 after purchasing an additional 31,255 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of SmartFinancial by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock valued at $295,000 after purchasing an additional 390 shares during the period. Jane Street Group LLC grew its stake in SmartFinancial by 263.2% during the 1st quarter. Jane Street Group LLC now owns 42,385 shares of the bank’s stock worth $1,317,000 after buying an additional 30,715 shares during the last quarter. Inspire Investing LLC increased its position in SmartFinancial by 3.4% during the second quarter. Inspire Investing LLC now owns 11,442 shares of the bank’s stock worth $387,000 after buying an additional 376 shares during the period. Finally, Equitable Trust Co. lifted its stake in SmartFinancial by 13.3% in the second quarter. Equitable Trust Co. now owns 12,790 shares of the bank’s stock valued at $432,000 after buying an additional 1,505 shares during the last quarter. 58.78% of the stock is owned by hedge funds and other institutional investors.

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.