KNOXVILLE, TN—Steven B. Tucker, a director at SmartFinancial Inc . (NASDAQ:NYSE:SMBK), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Tucker sold 6,730 shares of common stock at a price of $33.14 per share on November 5, 2024. This transaction amounts to a total value of approximately $223,032.
Following this sale, Tucker's direct ownership of SmartFinancial shares remains at 59,513 shares. The sale was conducted indirectly through Tucker's spouse, reflecting a common practice where shares are held or managed by family members.
SmartFinancial Inc., a national commercial bank, continues to operate with its headquarters based in Knoxville, Tennessee. The company is known for its financial services and has been a part of the industry since its incorporation in Tennessee.
In other recent news, SmartFinancial Inc. reported substantial growth in its third quarter of 2024, with a net income of $9.1 million, or $0.54 per diluted share. The company also noted an increase in the tangible book value to $22.67 per share and a robust loan growth of over 16% annualized. The net interest margin improved to 3.11%, and the company is projecting continued margin expansion.
These financial highlights also include deposits remaining steady at $4.3 billion, with core growth of over $50 million, and operating noninterest income reaching $9.1 million, with total revenue at $44.1 million. SmartFinancial is aiming for a $50 million operating revenue target by the third quarter of 2025.
Among the recent developments, SmartFinancial also added 15 new sales team members, effectively utilized the nCino platform for enhanced prospecting, and received a Great Place To Work certification. Despite forecasting a slight reduction in loan rates, the company is optimistic about its growth trajectory and is focused on strategic core deposit growth and managing rates in response to market conditions. The company also expressed its commitment to providing support to clients affected by a recent hurricane in Eastern Tennessee.
InvestingPro Insights
The recent sale by Director Steven B. Tucker comes at a time when SmartFinancial Inc. (NASDAQ:SMBK) is experiencing strong market performance. According to InvestingPro data, SMBK's stock is trading near its 52-week high, with a remarkable 51.01% price total return over the past six months and a 57.2% return over the last year. This robust performance aligns with an InvestingPro Tip indicating that SMBK has shown a strong return over the last three months.
Despite the director's sale, the company's financial health appears solid. SMBK boasts a market capitalization of $623.82 million and a P/E ratio of 18.96, suggesting a reasonable valuation relative to earnings. Additionally, an InvestingPro Tip highlights that SMBK has raised its dividend for 5 consecutive years, which may be attractive to income-focused investors.
However, potential investors should note that 3 analysts have revised their earnings downwards for the upcoming period, according to another InvestingPro Tip. This could indicate some caution regarding future performance.
For a more comprehensive analysis, InvestingPro offers 10 additional tips for SMBK, providing deeper insights into the company's financial position and market outlook. These additional tips can be valuable for investors considering the implications of insider transactions like Tucker's recent sale.
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