Rhumbline Advisers Has $715,000 Stock Position in SmartFinancial, Inc. (NASDAQ:SMBK)

Rhumbline Advisers lowered its stake in SmartFinancial, Inc. (NASDAQ:SMBK) by 4.3% during the first quarter, Holdings Channel.com reports. The fund owned 23,017 shares of the bank’s stock after selling 1,039 shares during the period. Rhumbline Advisers’ holdings in SmartFinancial were worth $715,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Proficio Capital Partners LLC bought a new position in SmartFinancial during the fourth quarter worth about $917,000. Charles Schwab Investment Management Inc. grew its holdings in SmartFinancial by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 44,448 shares of the bank’s stock worth $1,377,000 after purchasing an additional 550 shares during the period. Victory Capital Management Inc. grew its holdings in SmartFinancial by 7.4% during the fourth quarter. Victory Capital Management Inc. now owns 34,200 shares of the bank’s stock worth $1,060,000 after purchasing an additional 2,351 shares during the period. Raymond James Financial Inc. bought a new position in SmartFinancial during the fourth quarter worth about $580,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in SmartFinancial by 423.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,048 shares of the bank’s stock worth $1,860,000 after purchasing an additional 48,576 shares during the period. Institutional investors and hedge funds own 58.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on SMBK. Stephens reiterated an “equal weight” rating and set a $31.00 price target on shares of SmartFinancial in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their price objective on SmartFinancial from $37.00 to $35.00 and set a “market perform” rating for the company in a report on Thursday, April 24th. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $33.70.

SmartFinancial Stock Up 0.4%

Shares of SMBK opened at $31.61 on Friday. SmartFinancial, Inc. has a one year low of $21.67 and a one year high of $37.72. The company has a market cap of $537.96 million, a P/E ratio of 14.77 and a beta of 0.70. 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 firm has a 50 day simple moving average of $31.02 and a two-hundred day simple moving average of $32.01.

SmartFinancial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Friday, May 2nd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.32 annualized dividend and a yield of 1.01%. SmartFinancial’s dividend payout ratio is currently 14.16%.

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.