Wasatch Advisors Inc. boosted its holdings in SmartFinancial Inc (NASDAQ:SMBK) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,330 shares of the bank’s stock after buying an additional 10,000 shares during the quarter. Wasatch Advisors Inc.’s holdings in SmartFinancial were worth $2,698,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Russell Investments Group Ltd. raised its holdings in SmartFinancial by 22.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 13,498 shares of the bank’s stock valued at $325,000 after buying an additional 2,501 shares during the last quarter. Bank of New York Mellon Corp increased its position in SmartFinancial by 12.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 28,780 shares of the bank’s stock valued at $693,000 after purchasing an additional 3,233 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in SmartFinancial during the 2nd quarter valued at approximately $177,000. New York State Common Retirement Fund acquired a new stake in SmartFinancial during the 2nd quarter valued at approximately $184,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in SmartFinancial during the 2nd quarter valued at approximately $304,000. Institutional investors and hedge funds own 39.79% of the company’s stock.
Separately, Zacks Investment Research raised shares of SmartFinancial from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Saturday, January 13th.
SmartFinancial (NASDAQ:SMBK) last released its earnings results on Monday, October 30th. The bank reported $0.20 earnings per share for the quarter. SmartFinancial had a net margin of 13.22% and a return on equity of 5.19%. equities research analysts forecast that SmartFinancial Inc will post 0.84 earnings per share for the current fiscal year.
SmartFinancial, Inc, formerly Cornerstone Bancshares, Inc, is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans.
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