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 disposed of 6,916 shares of common stock on December 9, 2024. The shares were sold at a price of $35.05 each, resulting in a total transaction value of $242,405. The transaction comes amid a strong performance period for SMBK, which has seen its stock surge over 57% in the past six months, according to InvestingPro data.
Following this transaction, Presley holds no shares indirectly owned through a trust, while direct ownership remains at 3,960 shares. This move comes as part of an ongoing assessment of personal investment strategies by Presley, who is not an officer or a ten percent owner in the company. With a market capitalization of $594 million and a P/E ratio of 18.2, InvestingPro analysis suggests SMBK is slightly undervalued at current levels. Subscribers can access the comprehensive Pro Research Report, which provides detailed insights into SMBK's valuation and growth prospects among 1,400+ US stocks.
In other recent news, SmartFinancial Inc. has reported noteworthy changes and developments. The company announced the resignation of board director John M. Presley, effective January 1, 2025. His departure, after serving for over three years, was not due to any disagreements with the company's policies or practices. The company has yet to announce a successor.
In terms of financial performance, SmartFinancial posted a strong third quarter in 2024, reporting a net income of $9.1 million and a tangible book value increase to $22.67 per share. The company also witnessed a substantial loan growth of over 16% annualized and an improved net interest margin of 3.11%. These robust results align with the company's optimistic outlook, as it targets a $50 million operating revenue by the third quarter of 2025.
InvestingPro's analysis reveals that SmartFinancial 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 of 2024 and expect the margin to grow throughout 2025. SmartFinancial's recent developments and financial performance reflect the company's focus on strategic growth and operational efficiency.
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