Wellington Management Group LLP raised its holdings in shares of SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 28.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 437,793 shares of the bank's stock after buying an additional 97,375 shares during the quarter. Wellington Management Group LLP owned about 2.59% of SmartFinancial worth $13,563,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. State Street Corp grew its holdings in SmartFinancial by 3.3% in the 3rd quarter. State Street Corp now owns 336,147 shares of the bank's stock valued at $9,795,000 after buying an additional 10,623 shares in the last quarter. Geode Capital Management LLC increased its position in SmartFinancial by 0.4% during the third quarter. Geode Capital Management LLC now owns 335,501 shares of the bank's stock worth $9,779,000 after purchasing an additional 1,307 shares during 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 worth $8,518,000 after purchasing an additional 40,104 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of SmartFinancial in the 4th quarter valued at approximately $3,718,000. Finally, JPMorgan Chase & Co. raised its position 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. Hedge funds and other institutional investors own 58.78% of the company's stock.
SmartFinancial Stock Up 1.8 %
Shares of SMBK traded up $0.50 during mid-day trading on Tuesday, hitting $28.37. 4,848 shares of the company's stock were exchanged, compared to its average volume of 52,583. The stock's 50-day moving average is $32.20 and its 200-day moving average is $32.69. 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 fifty-two week low of $19.00 and a fifty-two week high of $37.72. The company has a market cap of $482.80 million, a price-to-earnings ratio of 13.26 and a beta of 0.59.
SmartFinancial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $0.32 annualized dividend and a yield of 1.13%. SmartFinancial's dividend payout ratio is presently 14.95%.
Insider Transactions at SmartFinancial
In related news, Chairman Wesley Miller Welborn bought 1,162 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was purchased at an average cost of $34.75 per share, with a total value of $40,379.50. Following the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 7.68% of the company's stock.
Analysts Set New Price Targets
Separately, Raymond James reissued a "strong-buy" rating and set a $42.00 target price (up previously from $36.00) on shares of SmartFinancial in a research note on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $30.70.
Read Our Latest Stock Analysis on SMBK
About SmartFinancial
(
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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