Insider Buying: SmartFinancial, Inc. (NASDAQ:SMBK) Chairman Buys 1,162 Shares of Stock

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) Chairman Wesley Miller Welborn purchased 1,162 shares of the stock in a transaction on Monday, February 3rd. The stock was bought at an average cost of $34.75 per share, for a total transaction of $40,379.50. Following the completion of the acquisition, the chairman now owns 96,938 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is available through this hyperlink.

SmartFinancial Price Performance

SMBK traded down $0.56 on Friday, hitting $36.26. 31,435 shares of the stock were exchanged, compared to its average volume of 47,087. 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 $19.00 and a 12 month high of $37.72. The firm has a market capitalization of $613.81 million, a price-to-earnings ratio of 16.94 and a beta of 0.71. The business has a 50-day moving average of $33.15 and a two-hundred day moving average of $31.42.

SmartFinancial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Friday, January 31st. SmartFinancial's payout ratio is presently 14.95%.

Hedge Funds Weigh In On SmartFinancial

Several hedge funds and other institutional investors have recently modified their holdings of SMBK. Huntington National Bank boosted its stake in 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. SG Americas Securities LLC bought a new stake in shares of SmartFinancial during the 3rd quarter valued at approximately $161,000. Geneos Wealth Management Inc. acquired a new position in SmartFinancial during the 4th quarter worth approximately $192,000. Ridgepath Capital Management LLC acquired a new position in SmartFinancial during the 4th quarter worth approximately $202,000. Finally, Welch Group LLC bought a new position in SmartFinancial in the 4th quarter valued at approximately $202,000. Institutional investors own 58.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SMBK shares. Raymond James reaffirmed a "strong-buy" rating and issued a $42.00 price objective (up from $36.00) on shares of SmartFinancial in a report on Thursday, January 23rd. Hovde Group lifted their price objective on shares of SmartFinancial from $28.00 to $32.50 and gave the stock a "market perform" rating in a research note on Wednesday, October 23rd. Finally, Stephens lowered shares of SmartFinancial from an "overweight" rating to an "equal weight" rating in a research report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $30.70.

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.