Renaissance Technologies LLC Acquires 36,700 Shares of SmartFinancial Inc (SMBK)

Renaissance Technologies LLC raised its holdings in shares of SmartFinancial Inc (NASDAQ:SMBK) by 35.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 141,100 shares of the bank’s stock after purchasing an additional 36,700 shares during the period. Renaissance Technologies LLC’s holdings in SmartFinancial were worth $3,635,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in SmartFinancial by 109.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 96,311 shares of the bank’s stock valued at $2,481,000 after acquiring an additional 50,330 shares in the last quarter. BlackRock Inc. grew its holdings in shares of SmartFinancial by 74.2% during the second quarter. BlackRock Inc. now owns 640,702 shares of the bank’s stock worth $16,503,000 after buying an additional 272,911 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of SmartFinancial by 68.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 21,400 shares of the bank’s stock worth $552,000 after buying an additional 8,700 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SmartFinancial by 31.7% during the second quarter. Bank of New York Mellon Corp now owns 39,076 shares of the bank’s stock worth $1,007,000 after buying an additional 9,400 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of SmartFinancial during the second quarter worth about $275,000. Hedge funds and other institutional investors own 36.50% of the company’s stock.

Shares of NASDAQ SMBK opened at $23.50 on Friday. The stock has a market cap of $298.81 million, a PE ratio of 21.17 and a beta of 0.10. SmartFinancial Inc has a 12 month low of $19.49 and a 12 month high of $27.69. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.29.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results on Tuesday, July 24th. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The business had revenue of $21.12 million during the quarter, compared to the consensus estimate of $20.40 million. SmartFinancial had a net margin of 11.64% and a return on equity of 7.08%. On average, research analysts predict that SmartFinancial Inc will post 1.57 earnings per share for the current fiscal year.

In related news, Director James Beaumont Wicks bought 10,250 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were acquired at an average cost of $24.74 per share, with a total value of $253,585.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William L. Yoder sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $24.25, for a total transaction of $485,000.00. The disclosure for this sale can be found here. Insiders own 11.96% of the company’s stock.

SMBK has been the subject of a number of recent research reports. Stephens initiated coverage on shares of SmartFinancial in a report on Tuesday, June 26th. They set an “equal weight” rating and a $27.00 price target for the company. Hovde Group lifted their price target on shares of SmartFinancial from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, June 29th. BidaskClub downgraded shares of SmartFinancial from a “strong-buy” rating to a “buy” rating in a report on Friday, July 13th. Zacks Investment Research downgraded shares of SmartFinancial from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, ValuEngine downgraded shares of SmartFinancial from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $26.80.

About SmartFinancial

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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Institutional Ownership by Quarter for SmartFinancial (NASDAQ:SMBK)

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