SmartFinancial (NASDAQ:SMBK) PT Raised to $32.50

SmartFinancial (NASDAQ:SMBK) had its price target lifted by Hovde Group from $28.00 to $32.50 in a report published on Wednesday, MarketBeat.com reports. Hovde Group currently has a market perform rating on the bank’s stock.

SMBK has been the subject of a number of other research reports. Stephens reaffirmed an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a research report on Tuesday, July 23rd. Piper Sandler downgraded shares of SmartFinancial from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $26.00 to $28.00 in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SmartFinancial has an average rating of “Moderate Buy” and a consensus target price of $29.50.

SmartFinancial Price Performance

Shares of SMBK opened at $31.69 on Wednesday. The company has a market capitalization of $540.73 million, a P/E ratio of 20.31 and a beta of 0.69. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $29.25 and a 200 day moving average of $25.52. SmartFinancial has a twelve month low of $19.00 and a twelve month high of $32.40.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.05. The company had revenue of $73.10 million during the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same quarter last year, the firm earned $0.43 earnings per share. As a group, equities research analysts anticipate that SmartFinancial will post 1.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of SmartFinancial by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 789,233 shares of the bank’s stock worth $16,629,000 after acquiring an additional 19,490 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of SmartFinancial by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock worth $16,563,000 after acquiring an additional 35,054 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in shares of SmartFinancial by 2.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank’s stock worth $4,747,000 after acquiring an additional 4,412 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of SmartFinancial by 16.9% during the 2nd quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock worth $4,349,000 after acquiring an additional 26,583 shares during the last quarter. Finally, Foundry Partners LLC boosted its stake in shares of SmartFinancial by 41.7% during the 1st quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock worth $3,179,000 after acquiring an additional 44,407 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

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.