SmartFinancial, Inc. Chairman Wesley Miller Welborn Invests in Company Stock

On February 3rd, 2023, Wesley Miller Welborn, the Chairman of SmartFinancial, Inc. (NASDAQ:SMBK), purchased 1,162 shares of the company's stock. The shares were acquired at an average price of $34.75 each, resulting in a total investment of $40,379.50. After this transaction, Welborn holds a total of 96,938 shares in SmartFinancial, which are valued at approximately $3,368,595.50. This recent acquisition represents a 1.21% increase in his overall stake in the company. The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which is publicly accessible.

Recent Stock Performance

As of Wednesday, shares of SmartFinancial opened at $35.31, reflecting a recent increase of 1.6%. The company maintains a debt-to-equity ratio of 0.10 and has both a quick ratio and a current ratio of 0.90. Over the past year, the stock has experienced a low of $19.00 and a high of $37.72. Currently, the 50-day simple moving average is $33.14, while the 200-day simple moving average stands at $31.28. SmartFinancial has a market capitalization of $597.71 million, a price-to-earnings (P/E) ratio of 16.50, and a beta of 0.71, indicating relatively low volatility in its share price.

Dividend Announcement

In addition to the recent stock purchase, SmartFinancial has announced a quarterly dividend of $0.08. This dividend will be paid on February 18th to shareholders on record as of January 31st. The ex-dividend date was also January 31st. Based on this, the annualized dividend comes to $0.32, which corresponds to a dividend yield of 0.91%. The company's current payout ratio is 14.95%, indicating a manageable ratio of earnings paid out as dividends.

Institutional Investor Activity

Recently, various hedge funds have made notable changes to their positions in SmartFinancial. For instance, Wellington Management Group LLP increased its holding by 69.0% in the third quarter, now owning 340,418 shares valued around $9,920,000 after adding 139,009 shares. Similarly, State Street Corp raised its stake by 3.3%, owning 336,147 shares worth $9,795,000 after purchasing an additional 10,623 shares. Other investors such as Geode Capital Management and Foundry Partners have also increased their holdings in the company, contributing to a solid institutional ownership of 58.78% in SmartFinancial's stock.

Analyst Ratings and Forecasts

In recent assessments, several analysts have weighed in on SmartFinancial's stock. Raymond James reaffirmed a "strong-buy" rating and adjusted its target price to $42.00, up from a previous $36.00 on January 23rd. Conversely, Stephens downgraded the stock from "overweight" to "equal weight" in early December. Hovde Group raised its target price from $28.00 to $32.50 while assigning a "market perform" rating. Analysts generally exhibit a mixed outlook, with four rating the stock as hold and one giving it a strong buy designation. The average rating is currently listed as "Hold" with a consensus target price of $30.70.

About SmartFinancial

SmartFinancial, Inc. serves as the bank holding company for SmartBank and provides various financial services to individuals and businesses in states including Tennessee, Alabama, and Florida. Their services are segmented across various categories including Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, and Consumer Loans.

Investment, Stock, Finance