SmartFinancial Director John Presley Sells $360,375 in Stock
John M. Presley, a director at SmartFinancial Inc. (NASDAQ: NYSE: SMBK), made a substantial sale of company shares, selling 10,140 shares on December 6, 2024, at $35.54 per share, totaling about $360,375. This move coincided with SmartFinancial’s impressive stock performance, showing a 62.5% price return over the past six months, as reported by InvestingPro. After the sale, Presley now holds 3,960 shares directly and 6,916 shares indirectly through a trust. With a current valuation of $590 million, SmartFinancial has a consistent track record of dividend growth, having increased its dividend for five straight years. For more in-depth insights and analysis, InvestingPro subscribers can access detailed insider trading reports and six additional key insights about SmartFinancial’s financial well-being and growth potential through comprehensive Pro Research Reports.
SmartFinancial Inc. reported a strong third quarter in 2024, with a net income of $9.1 million and a tangible book value per share rising to $22.67. The company also saw significant loan growth of over 16% annualized, along with an enhanced net interest margin of 3.11%. These positive results reflect the company’s optimistic outlook as it aims for a $50 million operating revenue target by the third quarter of 2025.
Additionally, John M. Presley, a board director since 2021, is set to resign on January 1, 2025, as per a regulatory filing with the Securities and Exchange Commission. SmartFinancial expressed its appreciation for Presley’s contributions and leadership during his tenure. The company’s management anticipates ongoing margin expansion, aiming for an effective tax rate of around 20% in the future. They also forecast a net interest margin of 3.10% to 3.15% for the fourth quarter and expect the margin to continue growing throughout 2025. These developments signify the recent updates within SmartFinancial Inc.
