State Street Corp Purchases 10,623 Shares of SmartFinancial, Inc. (NASDAQ:SMBK)

State Street Corp increased its holdings in SmartFinancial, Inc. (NASDAQ:SMBK) by 3.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 336,147 shares of the bank’s stock after purchasing an additional 10,623 shares during the period. State Street Corp’s holdings in SmartFinancial were worth $9,795,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Foundry Partners LLC raised its holdings in SmartFinancial by 23.9% during the 3rd quarter. Foundry Partners LLC now owns 184,555 shares of the bank’s stock valued at $5,378,000 after buying an additional 35,565 shares during the period. Acadian Asset Management LLC increased its position in SmartFinancial by 320.7% during the second quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock valued at $1,289,000 after acquiring an additional 41,602 shares during the last quarter. American Century Companies Inc. raised its stake in shares of SmartFinancial by 16.9% in the second quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock valued at $4,349,000 after acquiring an additional 26,583 shares during the period. Mendon Capital Advisors Corp raised its stake 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 acquiring an additional 65,847 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of SmartFinancial by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock worth $2,273,000 after acquiring an additional 3,810 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

Analyst Ratings Changes

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. Hovde Group boosted their price objective on SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a report on Wednesday, October 23rd. Finally, Raymond James upped their price objective on SmartFinancial from $32.00 to $36.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $29.50.

SmartFinancial Stock Performance

SMBK opened at $31.58 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial, Inc. has a 12-month low of $19.00 and a 12-month high of $37.72. The firm has a 50 day moving average of $34.23 and a two-hundred day moving average of $29.44. The firm has a market capitalization of $534.52 million, a PE ratio of 16.28 and a beta of 0.68.

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

SmartFinancial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Tuesday, November 12th. SmartFinancial’s dividend payout ratio (DPR) is presently 16.49%.

Insider Transactions at SmartFinancial

In other news, Director John M. Presley sold 6,916 shares of the business’s stock in a transaction dated 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 owns 3,960 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this link. Insiders sold a total of 7,516 shares of company stock valued at $262,600 in the last three months. 7.68% of the stock is currently owned by company 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.