Millennium Management LLC purchased a new stake in SmartFinancial Inc (NASDAQ:SMBK) in the first quarter, HoldingsChannel reports. The institutional investor purchased 21,925 shares of the bank’s stock, valued at approximately $517,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. lifted its holdings in SmartFinancial by 1.5% in the 4th quarter. BlackRock Inc. now owns 336,848 shares of the bank’s stock valued at $7,309,000 after acquiring an additional 4,953 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in SmartFinancial by 323.1% in the 4th quarter. Wells Fargo & Company MN now owns 12,595 shares of the bank’s stock valued at $274,000 after acquiring an additional 9,618 shares during the last quarter. Monarch Partners Asset Management LLC lifted its holdings in SmartFinancial by 55.8% in the 1st quarter. Monarch Partners Asset Management LLC now owns 33,090 shares of the bank’s stock valued at $780,000 after acquiring an additional 11,850 shares during the last quarter. Salzhauer Michael acquired a new stake in SmartFinancial in the 1st quarter valued at about $326,000. Finally, Renaissance Technologies LLC lifted its holdings in SmartFinancial by 44.5% in the 4th quarter. Renaissance Technologies LLC now owns 47,800 shares of the bank’s stock valued at $1,037,000 after acquiring an additional 14,710 shares during the last quarter. 36.17% of the stock is owned by institutional investors.
NASDAQ SMBK opened at $24.49 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $312.02 million, a price-to-earnings ratio of 22.06 and a beta of 0.13. SmartFinancial Inc has a 1 year low of $19.49 and a 1 year high of $27.69.
A number of brokerages have weighed in on SMBK. Stephens began coverage on shares of SmartFinancial in a report on Tuesday, June 26th. They issued an “equal weight” rating and a $27.00 price target for the company. BidaskClub downgraded shares of SmartFinancial from a “strong-buy” rating to a “buy” rating in a report on Friday, July 13th. Hovde Group upped their price target on shares of SmartFinancial from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, June 29th. Finally, Raymond James upped their price target on shares of SmartFinancial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, April 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. SmartFinancial presently has a consensus rating of “Hold” and a consensus target price of $26.80.
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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