Wellington Management Group LLP Lowers Holdings in SmartFinancial, Inc. $SMBK

Wellington Management Group LLP lowered its stake in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 12.0% in the second quarter, HoldingsChannel reports. The fund owned 594,386 shares of the bank’s stock after selling 80,961 shares during the quarter. Wellington Management Group LLP’s holdings in SmartFinancial were worth $27,889,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of SmartFinancial by 150.9% in the first quarter. AQR Capital Management LLC now owns 51,972 shares of the bank’s stock worth $1,615,000 after acquiring an additional 31,255 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in SmartFinancial by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock worth $295,000 after purchasing an additional 390 shares during the last quarter. Jane Street Group LLC raised its stake in SmartFinancial by 263.2% during the first quarter. Jane Street Group LLC now owns 42,385 shares of the bank’s stock worth $1,317,000 after purchasing an additional 30,715 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in SmartFinancial by 11.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,565 shares of the bank’s stock worth $1,573,000 after purchasing an additional 4,639 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after purchasing an additional 472 shares during the last quarter. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Victor Barrett acquired 3,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was 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 directly owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.93% of the company’s stock.

SmartFinancial Stock Performance

Shares of SMBK stock opened at $51.94 on Friday. 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 12 month low of $33.01 and a 12 month high of $54.14. The company’s fifty day moving average price is $50.08 and its two-hundred day moving average price is $44.35. The firm has a market capitalization of $888.07 million, a P/E ratio of 24.27 and a beta of 0.68.

SmartFinancial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Friday, July 31st. SmartFinancial’s dividend payout ratio (DPR) is 10.62%.

Analyst Ratings Changes

SMBK has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price objective on shares of SmartFinancial from $46.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Stephens lifted their target price on SmartFinancial from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Raymond James Financial reissued a “strong-buy” rating and set a $58.00 price target on shares of SmartFinancial in a research report on Wednesday, July 22nd. Finally, Benchmark upped their price target on SmartFinancial from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.42.

SmartFinancial 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.