Cravens & Co Advisors LLC Sells 194,473 Shares of SmartFinancial, Inc. (NASDAQ:SMBK)

Cravens & Co Advisors LLC lowered its position in SmartFinancial, Inc. (NASDAQ:SMBK) by 30.1% in the third quarter, Holdings Channel.com reports. The firm owned 451,492 shares of the bank’s stock after selling 194,473 shares during the quarter. SmartFinancial makes up about 10.2% of Cravens & Co Advisors LLC’s holdings, making the stock its largest position. Cravens & Co Advisors LLC’s holdings in SmartFinancial were worth $13,156,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in SmartFinancial by 1.5% during the second quarter. Rhumbline Advisers now owns 24,147 shares of the bank’s stock worth $572,000 after purchasing an additional 361 shares during the last quarter. Victory Capital Management Inc. lifted its stake in SmartFinancial by 4.4% in the 3rd quarter. Victory Capital Management Inc. now owns 31,849 shares of the bank’s stock valued at $928,000 after buying an additional 1,349 shares in the last quarter. Huntington National Bank grew its holdings in SmartFinancial by 5,269.2% during the 3rd quarter. Huntington National Bank now owns 1,396 shares of the bank’s stock valued at $41,000 after buying an additional 1,370 shares during the last quarter. Renaissance Technologies LLC increased its position in SmartFinancial by 1.1% during the second quarter. Renaissance Technologies LLC now owns 140,274 shares of the bank’s stock worth $3,320,000 after buying an additional 1,500 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of SmartFinancial by 5.2% in the third quarter. Empowered Funds LLC now owns 67,287 shares of the bank’s stock worth $1,961,000 after acquiring an additional 3,350 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Stock Down 0.4 %

NASDAQ SMBK opened at $36.61 on Wednesday. The stock has a market cap of $619.81 million, a PE ratio of 18.87 and a beta of 0.67. The business has a 50 day moving average price of $32.13 and a two-hundred day moving average price of $27.80. SmartFinancial, Inc. has a fifty-two week low of $19.00 and a fifty-two week high of $37.72. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.05. The firm had revenue of $73.10 million for the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a net margin of 11.88% and a return on equity of 6.81%. During the same quarter in the previous year, the firm posted $0.43 EPS. As a group, sell-side analysts predict that SmartFinancial, Inc. will post 2.02 EPS for the current fiscal year.

SmartFinancial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.32 annualized dividend and a yield of 0.87%. SmartFinancial’s dividend payout ratio is presently 16.49%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Hovde Group boosted their target price on shares of SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research note on Wednesday, October 23rd. Raymond James raised their target price on shares of SmartFinancial from $32.00 to $36.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, SmartFinancial currently has an average rating of “Moderate Buy” and an average price target of $29.50.

About SmartFinancial

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.