SmartFinancial (NASDAQ:SMBK) Price Target Raised to $28.00

SmartFinancial (NASDAQ:SMBK) had its target price lifted by Hovde Group from $24.00 to $28.00 in a report released on Wednesday morning, MarketBeat Ratings reports. They currently have a market perform rating on the bank’s stock.

A number of other research firms also recently weighed in on SMBK. Stephens restated an overweight rating and set a $27.00 target price on shares of SmartFinancial in a research report on Tuesday. Piper Sandler downgraded SmartFinancial from an overweight rating to a neutral rating and boosted their target price for the stock from $26.00 to $28.00 in a research report on Wednesday. Finally, Keefe, Bruyette & Woods dropped their target price on SmartFinancial from $26.00 to $24.00 and set a market perform rating for the company in a research report on Wednesday, April 24th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $27.00.

SmartFinancial Trading Up 1.3 %

Shares of SMBK opened at $28.20 on Wednesday. The stock has a fifty day moving average price of $23.76 and a two-hundred day moving average price of $22.36. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. SmartFinancial has a 52-week low of $19.00 and a 52-week high of $28.65. The company has a market cap of $481.09 million, a price-to-earnings ratio of 18.08 and a beta of 0.71.

SmartFinancial (NASDAQ:SMBK) last released its earnings results on Monday, July 22nd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $68.89 million during the quarter, compared to the consensus estimate of $40.32 million. SmartFinancial had a return on equity of 6.60% and a net margin of 9.93%. During the same quarter in the previous year, the company posted $0.52 earnings per share. Analysts predict that SmartFinancial will post 1.85 EPS for the current fiscal year.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Friday, August 9th will be issued a $0.08 dividend. The ex-dividend date is Friday, August 9th. This represents a $0.32 dividend on an annualized basis and a yield of 1.13%. SmartFinancial’s dividend payout ratio is presently 20.51%.

Insiders Place Their Bets

In other SmartFinancial news, Director John M. Presley sold 7,500 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $22.65, for a total value of $169,875.00. Following the completion of the sale, the director now directly owns 35,073 shares in the company, valued at $794,403.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.68% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

Several large investors have recently modified their holdings of the business. SlateStone Wealth LLC increased its holdings in shares of SmartFinancial by 1.5% in the first quarter. SlateStone Wealth LLC now owns 33,927 shares of the bank’s stock worth $715,000 after acquiring an additional 500 shares in the last quarter. Equitable Trust Co. grew its holdings in shares of SmartFinancial by 7.1% during the fourth quarter. Equitable Trust Co. now owns 16,525 shares of the bank’s stock worth $405,000 after buying an additional 1,100 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of SmartFinancial by 19.8% during the fourth quarter. SG Americas Securities LLC now owns 8,916 shares of the bank’s stock worth $218,000 after buying an additional 1,474 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of SmartFinancial by 11.2% during the fourth quarter. Victory Capital Management Inc. now owns 23,300 shares of the bank’s stock worth $571,000 after buying an additional 2,350 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of SmartFinancial by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock worth $2,273,000 after buying an additional 3,810 shares in the last quarter. 58.78% of the stock is currently owned by institutional investors.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.