SmartFinancial Inc . (NASDAQ:NYSE:SMBK) Director John M. Presley recently sold 7,500 shares of the company's common stock. The shares were sold at a price of $35.79 each, resulting in a total transaction value of $268,425. Following this transaction, Presley holds 27,573 shares indirectly through a trust.
The sale was reported in a regulatory filing with the Securities and Exchange Commission, detailing the transaction that took place on November 7, 2024. Presley's direct ownership now stands at 3,960 shares.
In other recent news, SmartFinancial Inc. reported robust financial results for its Third Quarter 2024 Earnings Call, with a net income of $9.1 million, or $0.54 per diluted share. The company also highlighted a significant increase in the tangible book value to $22.67 per share and a strong loan growth of over 16% annualized. The net interest margin improved to 3.11%, and SmartFinancial is expecting continued margin expansion, aiming for a $50 million operating revenue target by the third quarter of 2025.
The company's management forecasts a net interest margin of 3.10% to 3.15% for Q4 and expects the margin to expand throughout 2025. Despite forecasting a slight reduction in loan rates, SmartFinancial remains optimistic about its pipeline and market conditions. It also emphasized the importance of hiring quality bankers and maintaining guidance for mid to high single-digit loan growth.
SmartFinancial is strategically growing its core deposits while managing rates in response to market conditions. The firm's commercial real estate concentration is noted at 288%, yet this is not seen as a hindrance to growth. Looking ahead, SmartFinancial remains focused on achieving its ambitious revenue target while sustaining growth and operational efficiencies. These are recent developments that are crucial for investors to note.
InvestingPro Insights
SmartFinancial Inc. (NASDAQ:SMBK) has been experiencing significant momentum in the market, which provides context for Director John M. Presley's recent stock sale. According to InvestingPro data, SMBK has shown impressive returns across various timeframes. The stock has delivered a robust 70.08% total return over the past year, with a particularly strong 60.9% gain in the last six months alone.
This positive performance is reflected in two key InvestingPro Tips: SMBK has demonstrated a "Strong return over the last month" and a "Significant return over the last week," with the latter showing an 8.86% price increase. These trends suggest that Presley's decision to sell might be capitalizing on the stock's recent strength.
Despite the strong price performance, it's worth noting that SMBK's P/E ratio stands at 18.55, which is relatively moderate and could indicate that the stock still has room for growth. Additionally, the company has a history of shareholder-friendly policies, as evidenced by another InvestingPro Tip: SMBK "Has raised its dividend for 5 consecutive years," although the current dividend yield is modest at 0.9%.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for SMBK, providing a deeper understanding of the company's financial health and market position.
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