In a recent transaction, Jordan Rhett D., Executive Vice President and Chief Credit Officer of SmartFinancial Inc . (NASDAQ:NYSE:SMBK), sold 300 shares of the company's common stock. The shares were sold at a price of $32.52 each, amounting to a total transaction value of $9,756. Following this sale, Rhett retains ownership of 10,508 shares in the company. This transaction was disclosed in a filing with the Securities and Exchange Commission on November 5, 2024.
In other recent news, SmartFinancial Inc. reported a strong financial performance for the third quarter of 2024, with a net income of $9.1 million and a tangible book value increase to $22.67 per share. The company experienced over 16% annualized loan growth and an improved net interest margin of 3.11%. Total (EPA:TTEF) revenue stood at $44.1 million, with operating noninterest income reaching $9.1 million.
SmartFinancial is projecting continued margin expansion and aims for a $50 million operating revenue target by the third quarter of 2025. The company's management expects a net interest margin of 3.10% to 3.15% for the fourth quarter and anticipates margin expansion throughout 2025.
In terms of personnel developments, SmartFinancial added 15 new sales team members and received a Great Place To Work certification. However, the company is tempering expectations for noninterest income from swaps and investment products for the fourth quarter and forecasts a slight reduction in loan rates.
These recent developments reflect SmartFinancial's ongoing commitment to robust growth and operational efficiency. The company's leadership, including Billy Carroll, expressed confidence in the company's growth trajectory, emphasizing the importance of hiring quality bankers and maintaining guidance for mid to high single-digit loan growth.
InvestingPro Insights
The recent insider sale by Jordan Rhett D. comes at a time when SmartFinancial Inc. (NASDAQ:SMBK) is experiencing strong market performance. According to InvestingPro data, the company's stock is trading near its 52-week high, with a price that is 97.51% of its peak. This aligns with the InvestingPro Tip indicating that SMBK has shown a strong return over the last month, three months, and year.
Despite the positive stock performance, it's worth noting that three analysts have revised their earnings downwards for the upcoming period, as highlighted by an InvestingPro Tip. This could suggest some caution regarding the company's near-term financial outlook.
From a valuation perspective, SMBK's P/E ratio stands at 16.98, which may be considered reasonable depending on industry standards and growth prospects. The company's dividend yield is currently 0.98%, and InvestingPro Tips reveal that SMBK has raised its dividend for 5 consecutive years, potentially appealing to income-focused investors.
For readers seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for SmartFinancial Inc., providing a deeper understanding of the company's financial health and market position.
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