Renaissance Technologies LLC Cuts Stock Holdings in SmartFinancial, Inc. $SMBK

Renaissance Technologies LLC lowered its stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 14.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 152,274 shares of the bank’s stock after selling 26,100 shares during the quarter. Renaissance Technologies LLC’s holdings in SmartFinancial were worth $5,951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Eagle Investment Management LLC lifted its stake in SmartFinancial by 375.5% during the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 120,167 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of SmartFinancial by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock worth $26,934,000 after acquiring an additional 80,639 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of SmartFinancial by 55.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock worth $6,038,000 after acquiring an additional 58,560 shares in the last quarter. Algebris UK Ltd. purchased a new stake in shares of SmartFinancial in the fourth quarter valued at about $2,158,000. Finally, North Reef Capital Management LP raised its holdings in shares of SmartFinancial by 59.5% in the fourth quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock valued at $4,989,000 after purchasing an additional 50,301 shares during the last quarter. 58.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Cathy G. Ackermann purchased 3,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were bought at an average price of $42.12 per share, with a total value of $126,360.00. Following the acquisition, the director owned 19,831 shares of the company’s stock, valued at $835,281.72. This trade represents a 17.82% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Victor Lynn Barrett acquired 3,000 shares of SmartFinancial stock in a transaction on Wednesday, June 10th. The shares were purchased at an average cost of $43.78 per share, with a total value of $131,340.00. Following the completion of the acquisition, the director owned 151,724 shares of the company’s stock, valued at $6,642,476.72. This trade represents a 2.02% increase in their position. The SEC filing for this purchase provides additional information. 6.93% of the stock is owned by corporate insiders.

SmartFinancial Trading Down 0.5%

Shares of SmartFinancial stock opened at $52.94 on Thursday. The firm has a market cap of $905.17 million, a PE ratio of 24.74 and a beta of 0.69. SmartFinancial, Inc. has a 1 year low of $32.63 and a 1 year high of $54.14. 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 stock has a fifty day moving average price of $46.75 and a 200-day moving average price of $42.74.

SmartFinancial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, July 31st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, July 31st. SmartFinancial’s dividend payout ratio is currently 10.62%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $58.00 price objective on shares of SmartFinancial in a research note on Wednesday, July 22nd. Stephens lifted their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Finally, Benchmark boosted their target price on SmartFinancial from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.75.

SmartFinancial Company Profile

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.