John M. Presley, a director at SmartFinancial Inc . (NASDAQ:NYSE:SMBK), has recently sold a significant portion of his holdings in the company. According to the latest SEC filing, Presley sold 10,517 shares of common stock at an average price of $36.05 per share, amounting to a total transaction value of $379,137. The transaction occurred amid SmartFinancial's impressive 62.5% price surge over the past six months, with the stock currently trading near its 52-week high of $37.72. According to InvestingPro analysis, the company appears fairly valued at current levels.
Following this transaction, Presley retains ownership of 3,960 shares directly and 17,056 shares indirectly through a trust. This sale marks a notable movement in Presley's stake in the company, offering insight into the trading activities of SmartFinancial's board members. The $590 million market cap company has maintained a consistent dividend growth track record, having raised its dividend for five consecutive years. Get access to more detailed insider trading analysis and 12+ additional key insights with InvestingPro.
In other recent news, SmartFinancial Inc. has experienced significant developments. The company has reported a strong third quarter in 2024, with a net income of $9.1 million and a tangible book value increase to $22.67 per share. This robust performance was accompanied by a substantial loan growth of over 16% annualized and an improved net interest margin of 3.11%.
On the board level, John M. Presley, a board director since 2021, has announced his intention to resign effective January 1, 2025. His departure was confirmed in a regulatory filing with the Securities and Exchange Commission. The company has expressed its gratitude towards Presley for his contributions and leadership during his tenure.
Analysts from InvestingPro have noted that SmartFinancial maintains a good financial health score, suggesting strong operational fundamentals. They have also set price targets between $30.50 and $39.00.
Lastly, the management of SmartFinancial is forecasting a net interest margin of 3.10% to 3.15% for the fourth quarter and expects the margin to grow throughout 2025. They are aiming for a $50 million operating revenue target by the third quarter of 2025. These are the recent developments for SmartFinancial Inc.
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