SmartFinancial Inc. Chairman's Recent Stock Purchase

Wesley Miller Welborn, the Chairman of SmartFinancial, Inc. (NASDAQ:SMBK), recently acquired 1,162 shares of the company’s stock on February 3rd. This transaction took place at an average price of $34.75 per share, amounting to a total investment of $40,379.50. Following this purchase, the chairman's total ownership in the company increased to 96,938 shares, valued at about $3,368,595.50. This acquisition reflects a 1.21% increase in his position within the company. The details of this transaction have been disclosed in a filing with the Securities and Exchange Commission (SEC), which is available for public access.

SmartFinancial Stock Performance

On Wednesday, SmartFinancial stock opened at $35.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90, and a current ratio of 0.90. Over the last year, SmartFinancial's stock has experienced a low of $19.00 and a high of $37.72. The company’s 50-day simple moving average is $33.14, while the 200-day simple moving average stands at $31.28. Currently, SmartFinancial has a market capitalization of $597.71 million, a price-to-earnings (P/E) ratio of 16.50, and a beta of 0.71.

Dividend Declaration

Recently, SmartFinancial declared a quarterly dividend, which is set to be paid on February 18th. Shareholders who are on record as of January 31st will receive a dividend payment of $0.08. The ex-dividend date for this payment was also January 31st. This translates to an annualized dividend of $0.32 and a dividend yield of 0.91%. The current payout ratio for the company is 14.95%.

Institutional Investor Activity

In addition, several hedge funds have made recent adjustments to their positions in SMBK. For instance, Wellington Management Group LLP increased its holdings by 69.0% during the third quarter, now owning 340,418 shares valued at approximately $9,920,000 after acquiring an additional 139,009 shares. State Street Corp raised its position by 3.3% in the same period, holding 336,147 shares worth $9,795,000 after purchasing 10,623 additional shares. Other investors such as Geode Capital Management LLC and Foundry Partners LLC also increased their stakes, highlighting the growing interest in SmartFinancial among institutional investors, which collectively own 58.78% of the company’s stock.

Analyst Recommendations

Various brokerages have offered insights on the future outlook for SmartFinancial. Raymond James maintained a "strong-buy" rating, raising the target price to $42.00 from a previous $36.00 in a report issued on January 23rd. Conversely, Stephens downgraded its rating from "overweight" to "equal weight." Hovde Group adjusted its target price from $28.00 to $32.50, rating the company as "market perform." Overall, four analysts have given the stock a hold rating, while one has issued a strong buy recommendation, resulting in a consensus target price of $30.70 according to data from MarketBeat.

About SmartFinancial Inc.

SmartFinancial, Inc. serves as the bank holding company for SmartBank, offering a range of financial services to individuals and corporate clients in Tennessee, Alabama, and Florida. Its operations are segmented into various areas including Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial Leases, and Consumer and Other segments.

SmartFinancial, Stock, Investment