John M. Presley, a director at SmartFinancial Inc . (NASDAQ:NYSE:SMBK), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Presley sold 10,140 shares of common stock on December 6, 2024, at a price of $35.54 per share. The transaction comes as SmartFinancial's stock has shown remarkable strength, with a 62.5% price return over the past six months, according to InvestingPro data. This transaction amounted to a total value of approximately $360,375. Following the sale, Presley now holds 3,960 shares directly and 6,916 shares indirectly through a trust. The company, currently valued at $590 million, has maintained a consistent dividend growth track record, raising its dividend for five consecutive years. InvestingPro subscribers have access to detailed insider trading analysis and 6 additional key insights about SmartFinancial's financial health and growth prospects through comprehensive Pro Research Reports.
"In other recent news, SmartFinancial Inc. 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. The company also highlighted a substantial loan growth of over 16% annualized and an improved net interest margin of 3.11%. These robust results are part of the company's optimistic outlook, as it sets its sights on a $50 million operating revenue target by the third quarter of 2025.
In other news, John M. Presley, a board director since 2021, has announced his intention to resign effective January 1, 2025. This change was confirmed in a regulatory filing with the Securities and Exchange Commission. SmartFinancial expressed its gratitude towards Presley for his contributions and leadership during his tenure.
InvestingPro analysis reveals the company has consistently raised its dividend for five consecutive years. The company's management anticipates continued margin expansion and a future effective tax rate of around 20%. They are also forecasting a net interest margin of 3.10% to 3.15% for the fourth quarter and expect the margin to grow throughout 2025. These are the recent developments in SmartFinancial Inc."
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