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Smartfinancial director Presley sells $242,405 in stock

Published 12/11/2024, 08:48 PM
SMBK
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John M. Presley, a director at SmartFinancial Inc . (NASDAQ:NYSE:SMBK), a $594 million market cap financial institution that has shown remarkable strength with a 61% price return over the past six months, recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Presley sold 6,916 shares at a price of $35.05 each, totaling $242,405. Following this transaction, Presley no longer holds any shares in the trust that conducted the sale. The stock currently trades near its InvestingPro Fair Value, with additional analysis and insights available through InvestingPro's comprehensive research reports.

In other recent news, SmartFinancial Inc. reported strong third-quarter results, 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 a significant development, John M. Presley, a board director since 2021, has signaled his intention to resign effective January 1, 2025. The company confirmed this in a recent regulatory filing with the Securities and Exchange Commission. The filing clarified that Presley's resignation was not due to any disagreements with the company's policies or practices, and SmartFinancial expressed its gratitude towards Presley for his contributions during his tenure.

InvestingPro data indicates that the company maintains a good financial health score, suggesting strong operational fundamentals. The company has consistently raised its dividend for five consecutive years, with analysts setting price targets between $30.50 and $39.00. The company's leadership anticipates continued margin expansion and a future effective tax rate of around 20%. These are the recent developments that investors should keep an eye on.

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