Millennium Management LLC increased its holdings in shares of SmartFinancial Inc (NASDAQ:SMBK) by 119.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 48,209 shares of the bank’s stock after purchasing an additional 26,284 shares during the quarter. Millennium Management LLC’s holdings in SmartFinancial were worth $1,242,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also bought and sold shares of the company. Metropolitan Life Insurance Co. NY acquired a new stake in SmartFinancial during the 2nd quarter worth approximately $106,000. MetLife Investment Advisors LLC acquired a new stake in SmartFinancial during the 2nd quarter worth approximately $150,000. Rhumbline Advisers acquired a new stake in SmartFinancial during the 2nd quarter worth approximately $275,000. Acadian Asset Management LLC acquired a new stake in SmartFinancial during the 2nd quarter worth approximately $346,000. Finally, Schwab Charles Investment Management Inc. increased its position in SmartFinancial by 68.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 21,400 shares of the bank’s stock worth $552,000 after purchasing an additional 8,700 shares in the last quarter. 36.41% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:SMBK opened at $20.49 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.00 and a quick ratio of 1.00. SmartFinancial Inc has a 52-week low of $19.49 and a 52-week high of $27.69. The company has a market capitalization of $265.40 million, a price-to-earnings ratio of 18.46 and a beta of 0.10.
SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings data on Wednesday, October 31st. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.06). SmartFinancial had a net margin of 13.11% and a return on equity of 7.89%. The firm had revenue of $20.72 million during the quarter, compared to analyst estimates of $21.40 million. On average, analysts anticipate that SmartFinancial Inc will post 1.53 EPS for the current fiscal year.
In other news, Director Clifton N. Miller acquired 1,680 shares of the stock in a transaction on Monday, October 29th. The stock was bought at an average price of $21.47 per share, with a total value of $36,069.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Beaumont Wicks acquired 10,250 shares of the stock in a transaction on Tuesday, September 4th. The stock was purchased at an average cost of $24.74 per share, with a total value of $253,585.00. The disclosure for this purchase can be found here. 11.96% of the stock is owned by company insiders.
SMBK has been the subject of a number of research analyst reports. BidaskClub raised shares of SmartFinancial from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 6th. Zacks Investment Research downgraded shares of SmartFinancial from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 27th. ValuEngine downgraded shares of SmartFinancial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Stephens reaffirmed a “hold” rating and issued a $23.00 price objective on shares of SmartFinancial in a research report on Friday, October 26th. Finally, Raymond James set a $24.00 price objective on shares of SmartFinancial and gave the company a “buy” rating in a research report on Thursday, October 25th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $25.60.
SmartFinancial, Inc operates as the bank holding company for the SmartBank that provides various financial services to individuals and corporate customers in the United States. The company offers various deposit products, including interest bearing and non-interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.
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