SmartFinancial, Inc. (NASDAQ:SMBK) Position Increased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership grew its position in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 173.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,285 shares of the bank's stock after acquiring an additional 25,543 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.24% of SmartFinancial worth $1,248,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of SMBK. Wellington Management Group LLP boosted its position in 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 purchasing an additional 139,009 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of SmartFinancial in the fourth quarter worth about $3,718,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of SmartFinancial by 423.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,048 shares of the bank's stock valued at $1,860,000 after buying an additional 48,576 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of SmartFinancial by 130.6% during the 4th quarter. JPMorgan Chase & Co. now owns 75,527 shares of the bank's stock valued at $2,340,000 after buying an additional 42,771 shares during the period. Finally, American Century Companies Inc. lifted its position in SmartFinancial by 17.1% during the 4th quarter. American Century Companies Inc. now owns 274,947 shares of the bank's stock worth $8,518,000 after acquiring an additional 40,104 shares in the last quarter. 58.78% of the stock is owned by institutional investors and hedge funds.

SmartFinancial Stock Performance

SMBK traded up $0.64 during trading hours on Thursday, hitting $28.69. 7,145 shares of the stock were exchanged, compared to its average volume of 52,784. 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 $19.01 and a 12 month high of $37.72. The stock has a 50-day simple moving average of $31.87 and a 200-day simple moving average of $32.63. The stock has a market cap of $488.16 million, a price-to-earnings ratio of 13.40 and a beta of 0.59.

SmartFinancial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date was Friday, January 31st. SmartFinancial's payout ratio is 14.95%.

Wall Street Analyst Weigh In

Separately, Raymond James reiterated a "strong-buy" rating and issued a $42.00 price objective (up previously from $36.00) on shares of SmartFinancial in a report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $30.70.

Insider Buying and Selling

In other SmartFinancial news, Chairman Wesley Miller Welborn acquired 1,162 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was acquired at an average cost of $34.75 per share, with a total value of $40,379.50. Following the acquisition, the chairman now directly owns 96,938 shares of the company's stock, valued at $3,368,595.50. This represents a 1.21 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.68% of the company's stock.

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.