SmartFinancial (NASDAQ:SMBK) Hits New 12-Month High at $29.75

SmartFinancial, Inc. (NASDAQ:SMBK) shares hit a new 52-week high during trading on Monday . The stock traded as high as $29.75 and last traded at $29.75, with a volume of 13695 shares traded. The stock had previously closed at $29.39.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $26.00 to $28.00 in a research report on Wednesday, July 24th. Hovde Group increased their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and set a $27.00 price objective on shares of SmartFinancial in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $27.00.

SmartFinancial Stock Down 0.5 %

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $494.57 million, a PE ratio of 18.84 and a beta of 0.69. The stock’s fifty day simple moving average is $27.51 and its 200-day simple moving average is $23.68.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. The business had revenue of $68.89 million during the quarter, compared to the consensus estimate of $40.32 million. During the same period in the prior year, the firm posted $0.52 EPS. As a group, sell-side analysts forecast that SmartFinancial, Inc. will post 1.99 EPS for the current fiscal year.

SmartFinancial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.32 annualized dividend and a yield of 1.09%. SmartFinancial’s dividend payout ratio is currently 20.51%.

Institutional Investors Weigh In On SmartFinancial

Several large investors have recently made changes to their positions in the business. 1492 Capital Management LLC bought a new stake in SmartFinancial in the fourth quarter worth about $242,000. Acadian Asset Management LLC bought a new stake in SmartFinancial in the 1st quarter valued at about $271,000. BNP Paribas Financial Markets lifted its holdings in SmartFinancial by 429.0% during the first quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock valued at $499,000 after purchasing an additional 19,210 shares during the last quarter. Victory Capital Management Inc. boosted its position in 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 purchasing an additional 2,350 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of SmartFinancial by 1.5% in the second quarter. Rhumbline Advisers now owns 24,147 shares of the bank’s stock worth $572,000 after purchasing an additional 361 shares in the last quarter. 58.78% of the stock is owned by hedge funds and other institutional investors.

About SmartFinancial

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.