Connor Clark & Lunn Investment Management Ltd. grew its holdings in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 423.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 60,048 shares of the bank's stock after buying an additional 48,576 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.35% of SmartFinancial worth $1,860,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in shares of SmartFinancial by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 44,448 shares of the bank's stock valued at $1,377,000 after buying an additional 550 shares in the last quarter. Jane Street Group LLC increased its stake in shares of SmartFinancial by 6.9% in the third quarter. Jane Street Group LLC now owns 14,925 shares of the bank's stock valued at $435,000 after buying an additional 967 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of SmartFinancial by 0.4% in the third quarter. Geode Capital Management LLC now owns 335,501 shares of the bank's stock valued at $9,779,000 after buying an additional 1,307 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of SmartFinancial by 4.4% in the third quarter. Victory Capital Management Inc. now owns 31,849 shares of the bank's stock valued at $928,000 after buying an additional 1,349 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of SmartFinancial by 5,269.2% in the third quarter. Huntington National Bank now owns 1,396 shares of the bank's stock valued at $41,000 after buying an additional 1,370 shares in the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the company. Stephens lowered SmartFinancial from an "overweight" rating to an "equal weight" rating in a research report on Monday, December 9th. Raymond James restated a "strong-buy" rating and set a $42.00 target price (up from $36.00) on shares of SmartFinancial in a research report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $30.70.
Check Out Our Latest Stock Report on SMBK
Insider Buying and Selling at SmartFinancial
In related news, Chairman Wesley Miller Welborn purchased 1,162 shares of the stock in a transaction on Monday, February 3rd. The shares were purchased at an average price of $34.75 per share, with a total value of $40,379.50. Following the transaction, the chairman now directly owns 96,938 shares of the company's stock, valued at $3,368,595.50. This trade represents a 1.21 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 7.68% of the company's stock.
SmartFinancial Stock Down 1.3 %
Shares of NASDAQ:SMBK traded down $0.42 during trading on Friday, hitting $31.13. 132,168 shares of the company's stock traded hands, compared to its average volume of 49,420. SmartFinancial, Inc. has a 52 week low of $19.00 and a 52 week high of $37.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a market cap of $526.91 million, a price-to-earnings ratio of 14.55 and a beta of 0.67. The company has a 50-day moving average price of $33.74 and a 200-day moving average price of $32.61.
SmartFinancial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, January 31st. SmartFinancial's dividend payout ratio (DPR) is presently 14.95%.
SmartFinancial Company Profile
(
Free Report)
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.
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