Hillsdale Investment Management Inc. Buys Shares of 120,029 SmartFinancial, Inc. (NASDAQ:SMBK)

Hillsdale Investment Management Inc. purchased a new stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 120,029 shares of the bank's stock, valued at approximately $3,718,000. Hillsdale Investment Management Inc. owned about 0.71% of SmartFinancial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of SmartFinancial by 69.0% in the 3rd quarter. Wellington Management Group LLP now owns 340,418 shares of the bank's stock worth $9,920,000 after buying an additional 139,009 shares during the last quarter. State Street Corp grew its stake in shares of SmartFinancial by 3.3% in the 3rd quarter. State Street Corp now owns 336,147 shares of the bank's stock worth $9,795,000 after buying an additional 10,623 shares during the last quarter. Geode Capital Management LLC increased its position in SmartFinancial by 0.4% during the 3rd 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. American Century Companies Inc. raised its stake in SmartFinancial by 17.1% during the fourth quarter. American Century Companies Inc. now owns 274,947 shares of the bank's stock valued at $8,518,000 after buying an additional 40,104 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in SmartFinancial by 5.0% during the fourth quarter. Empowered Funds LLC now owns 70,677 shares of the bank's stock valued at $2,190,000 after buying an additional 3,390 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SMBK shares. Raymond James restated a "strong-buy" rating and set a $42.00 price target (up from $36.00) on shares of SmartFinancial in a report on Thursday, January 23rd. Stephens downgraded shares of SmartFinancial from an "overweight" rating to an "equal weight" rating in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SmartFinancial presently has an average rating of "Hold" and a consensus target price of $30.70.

Insider Transactions at SmartFinancial

In other news, Chairman Wesley Miller Welborn acquired 1,162 shares of SmartFinancial stock in a transaction that occurred on Monday, February 3rd. The stock was bought at an average price of $34.75 per share, for a total transaction of $40,379.50. Following the completion of the transaction, the chairman now owns 96,938 shares in the company, valued at $3,368,595.50. The trade was a 1.21 % increase in their ownership of the stock. The purchase 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 Stock Performance

Shares of NASDAQ:SMBK traded down $0.02 during midday trading on Thursday, reaching $31.90. 38,844 shares of the company's stock traded hands, compared to its average volume of 49,245. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. SmartFinancial, Inc. has a one year low of $19.00 and a one year high of $37.72. The company has a market cap of $542.91 million, a price-to-earnings ratio of 14.91 and a beta of 0.67. The stock has a 50 day moving average of $33.83 and a 200 day moving average of $32.72.

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 issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, January 31st. SmartFinancial's payout ratio is presently 14.95%.

SmartFinancial 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.