Private Capital Management LLC Lowers Stock Holdings in SmartFinancial, Inc. (NASDAQ:SMBK)

Private Capital Management LLC trimmed its holdings in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 557,745 shares of the bank's stock after selling 14,925 shares during the period. SmartFinancial makes up about 3.2% of Private Capital Management LLC's investment portfolio, making the stock its 20th largest holding. Private Capital Management LLC owned 3.29% of SmartFinancial worth $16,253,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jane Street Group LLC lifted its holdings in shares of SmartFinancial by 6.9% during the third quarter. Jane Street Group LLC now owns 14,925 shares of the bank's stock valued at $435,000 after purchasing an additional 967 shares in the last quarter. Geode Capital Management LLC raised its position in SmartFinancial by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 335,501 shares of the bank's stock worth $9,779,000 after buying an additional 1,307 shares during the last quarter. Victory Capital Management Inc. lifted its stake in SmartFinancial by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 31,849 shares of the bank's stock valued at $928,000 after acquiring an additional 1,349 shares during the period. Huntington National Bank boosted its holdings in shares of SmartFinancial by 5,269.2% during the 3rd quarter. Huntington National Bank now owns 1,396 shares of the bank's stock valued at $41,000 after acquiring an additional 1,370 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of SmartFinancial by 32.1% in the fourth quarter. SG Americas Securities LLC now owns 7,292 shares of the bank's stock worth $226,000 after acquiring an additional 1,771 shares during the period. Institutional investors own 58.78% of the company's stock.

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SmartFinancial Stock Performance

Shares of NASDAQ:SMBK traded down $1.07 during trading on Tuesday, hitting $33.58. The company's stock had a trading volume of 28,243 shares, compared to its average volume of 46,841. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $568.29 million, a price-to-earnings ratio of 15.69 and a beta of 0.71. The company has a 50-day moving average of $33.50 and a 200-day moving average of $32.35. SmartFinancial, Inc. has a 12 month low of $19.00 and a 12 month high of $37.72.

SmartFinancial Dividend Announcement

The firm also recently disclosed 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 0.95%. The ex-dividend date was Friday, January 31st. SmartFinancial's payout ratio is 14.95%.

Insider Transactions at SmartFinancial

In related news, Chairman Wesley Miller Welborn acquired 1,162 shares of the stock in a transaction dated Monday, February 3rd. The shares were purchased at an average cost of $34.75 per share, with a total value of $40,379.50. Following the transaction, the chairman now directly owns 96,938 shares in the company, valued at approximately $3,368,595.50. This represents a 1.21 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John M. Presley sold 6,916 shares of the business's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $35.05, for a total value of $242,405.80. Following the transaction, the director now owns 3,960 shares of the company's stock, valued at approximately $138,798. This trade represents a 63.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,466 shares of company stock worth $262,044 in the last three months. Corporate insiders own 7.68% of the company's stock.

Analysts Set New Price Targets

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

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.