AlphaQuest LLC Invests $295,000 in SmartFinancial, Inc. $SMBK

AlphaQuest LLC bought a new position in shares of SmartFinancial, Inc. (NASDAQ:SMBK) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,746 shares of the bank’s stock, valued at approximately $295,000.

Other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of SmartFinancial during the first quarter worth approximately $61,000. CWM LLC increased its holdings in shares of SmartFinancial by 282.9% during the first quarter. CWM LLC now owns 2,489 shares of the bank’s stock worth $77,000 after purchasing an additional 1,839 shares during the period. Virtus Advisers LLC bought a new position in shares of SmartFinancial during the first quarter worth approximately $129,000. Harbor Capital Advisors Inc. increased its holdings in shares of SmartFinancial by 8.6% during the second quarter. Harbor Capital Advisors Inc. now owns 5,432 shares of the bank’s stock worth $183,000 after purchasing an additional 428 shares during the period. Finally, Wealth Preservation Advisors LLC bought a new position in shares of SmartFinancial during the first quarter worth approximately $216,000. 58.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SMBK shares. Hovde Group lifted their price objective on shares of SmartFinancial from $40.00 to $41.00 and gave the company a “market perform” rating in a research note on Thursday, October 23rd. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their price target on SmartFinancial from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Thursday, July 24th. Raymond James Financial reissued a “strong-buy” rating and set a $44.00 price target (up previously from $42.00) on shares of SmartFinancial in a report on Thursday, July 24th. Finally, Piper Sandler boosted their price target on SmartFinancial from $37.00 to $39.50 and gave the stock a “neutral” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, SmartFinancial has a consensus rating of “Hold” and an average price target of $38.70.

SmartFinancial Stock Performance

NASDAQ SMBK opened at $35.10 on Friday. The firm’s fifty day moving average price is $35.95 and its two-hundred day moving average price is $33.94. The stock has a market cap of $597.32 million, a PE ratio of 16.40 and a beta of 0.80. SmartFinancial, Inc. has a fifty-two week low of $26.31 and a fifty-two week high of $37.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.

SmartFinancial 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.