SmartFinancial, Inc. (NASDAQ:SMBK) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lowered its position in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 40.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,763 shares of the bank’s stock after selling 15,000 shares during the period. Pinnacle Financial Partners Inc owned 0.13% of SmartFinancial worth $674,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SMBK. Stieven Capital Advisors L.P. acquired a new position in shares of SmartFinancial during the third quarter worth $4,491,000. Wellington Management Group LLP grew its stake in shares of SmartFinancial by 69.0% during the third quarter. Wellington Management Group LLP now owns 340,418 shares of the bank’s stock worth $9,920,000 after purchasing an additional 139,009 shares in the last quarter. Foundry Partners LLC grew its stake in shares of SmartFinancial by 23.9% during the third quarter. Foundry Partners LLC now owns 184,555 shares of the bank’s stock worth $5,378,000 after purchasing an additional 35,565 shares in the last quarter. Rather & Kittrell Inc. acquired a new position in shares of SmartFinancial during the third quarter worth $642,000. Finally, Creative Planning acquired a new position in shares of SmartFinancial during the third quarter worth $394,000. Institutional investors and hedge funds own 58.78% of the company’s stock.

Insider Transactions at SmartFinancial

In related news, Director John M. Presley sold 6,916 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $35.05, for a total value of $242,405.80. Following the completion of the sale, the director now owns 3,960 shares in the company, valued at $138,798. This trade represents a 63.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Wesley Miller Welborn acquired 1,162 shares of SmartFinancial stock in a transaction that occurred on Monday, February 3rd. The stock was purchased at an average price of $34.75 per share, with a total value of $40,379.50. Following the transaction, the chairman now 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 disclosure for this purchase can be found here. Over the last quarter, insiders sold 7,466 shares of company stock worth $262,044. Company insiders own 7.68% of the company’s stock.

SmartFinancial Stock Performance

NASDAQ SMBK opened at $34.79 on Monday. 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 1 year low of $19.00 and a 1 year high of $37.72. The company has a market capitalization of $588.77 million, a PE ratio of 16.25 and a beta of 0.71. The company has a fifty day moving average of $33.22 and a two-hundred day moving average of $32.03.

SmartFinancial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.92%. SmartFinancial’s dividend payout ratio (DPR) is 14.95%.

Analysts Set New Price Targets

SMBK has been the subject of a number of analyst reports. Raymond James reiterated 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. Stephens downgraded shares of SmartFinancial from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. 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.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.