SmartFinancial, Inc. Chairman Wesley Miller Welborn Increases Stock Ownership

Wesley Miller Welborn, the Chairman of SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report), recently bought 1,162 shares of the company's stock on February 3rd. The shares were acquired at an average price of $34.75 each, amounting to a total investment of $40,379.50. With this latest purchase, Welborn has increased his direct ownership to 96,938 shares, which are currently valued at approximately $3,368,595.50. This transaction marks a 1.21% rise in his overall position in the company. The details of the trade have been disclosed with the Securities and Exchange Commission (SEC) and can be accessed for further information.

Stock Performance

On the following trading day, February 4th, shares of SmartFinancial traded up by $0.55, reaching $35.31. The trading volume for the day was 24,261 shares, which is under the average volume of 54,648. Presently, the company's 50-day moving average stands at $33.21, while the 200-day moving average is $31.16. Over the past year, the stock has experienced a low of $19.00 and a high of $37.72. SmartFinancial has a market capitalization of $597.71 million, a price-to-earnings (PE) ratio of 16.50, and a beta of 0.71. Financial ratios reveal a current ratio of 0.90, a quick ratio of 0.90, and a debt-to-equity ratio of 0.10.

Dividend Announcement

SmartFinancial recently announced a quarterly dividend that will be distributed on February 18th. Shareholders who are on record as of January 31st will receive a dividend of $0.08. The ex-dividend date also falls on January 31st. This dividend translates to an annualized amount of $0.32, giving a yield of 0.91%. The current payout ratio is set at 14.95%.

Institutional Investment Activity

In recent months, several hedge funds have adjusted their stakes in SmartFinancial. Jane Street Group LLC increased its holdings by 6.9% in the third quarter, acquiring an additional 967 shares. As a result, the firm owns 14,925 shares worth approximately $435,000. Similarly, Geode Capital Management LLC raised its stake by 0.4% during the same quarter, bringing its total to 335,501 shares worth $9,779,000. Victory Capital Management Inc. also increased its shares by 4.4%, and Huntington National Bank lifted its ownership by an impressive 5,269.2%, now holding 1,396 shares worth $41,000. Overall, institutional investors control 58.78% of SmartFinancial's shares.

Analyst Ratings and Price Targets

Wall Street analysts have offered varied ratings on SmartFinancial. Raymond James recently maintained a "strong-buy" rating with an increased price target of $42.00, up from $36.00. Conversely, Stephens downgraded their rating from "overweight" to "equal weight" in December. Hovde Group also raised its price target, now set at $32.50, allowing the stock to hold a "market perform" rating. The overall consensus among analysts positions SmartFinancial as a "Hold" with an average price target of $30.70.

About SmartFinancial

SmartFinancial, Inc. serves as the bank holding company for SmartBank. It offers a variety of financial services to individuals and corporate clients across Tennessee, Alabama, and Florida. Its operations include segments such as Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer & Other.

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