SmartFinancial, Inc. (NASDAQ:SMBK) Receives Average Recommendation of “Moderate Buy” from Analysts

SmartFinancial, Inc. (NASDAQ:SMBK) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $45.8750.

Several research analysts have issued reports on SMBK shares. Zacks Research lowered shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. Benchmark started coverage on shares of SmartFinancial in a research note on Wednesday. They issued a “buy” rating for the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st.

Insider Buying and Selling

In related news, Director Cathy G. Ackermann bought 3,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was bought at an average price of $42.12 per share, with a total value of $126,360.00. Following the purchase, the director directly owned 19,831 shares of the company’s stock, valued at approximately $835,281.72. This represents a 17.82% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Victor Lynn Barrett bought 3,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were bought at an average cost of $43.78 per share, with a total value of $131,340.00. Following the purchase, the director directly owned 151,724 shares in the company, valued at approximately $6,642,476.72. This trade represents a 2.02% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 6,290 shares of company stock valued at $269,677 in the last ninety days. Company insiders own 6.93% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

Several institutional investors and hedge funds have recently modified their holdings of SMBK. Equitable Trust Co. boosted its position in shares of SmartFinancial by 2.2% in the first quarter. Equitable Trust Co. now owns 11,475 shares of the bank’s stock valued at $448,000 after acquiring an additional 250 shares during the period. First Trust Advisors LP raised its stake in SmartFinancial by 0.6% during the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock valued at $1,821,000 after purchasing an additional 280 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in SmartFinancial by 13.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after purchasing an additional 316 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in SmartFinancial by 5.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock valued at $217,000 after purchasing an additional 321 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in SmartFinancial by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock worth $295,000 after purchasing an additional 390 shares during the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

SmartFinancial Price Performance

SmartFinancial stock traded up $0.49 during mid-day trading on Wednesday, hitting $46.23. The company’s stock had a trading volume of 138,655 shares, compared to its average volume of 76,402. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $790.44 million, a P/E ratio of 21.60 and a beta of 0.72. SmartFinancial has a twelve month low of $32.45 and a twelve month high of $46.72. The stock’s fifty day moving average price is $42.31 and its two-hundred day moving average price is $40.39.

SmartFinancial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s dividend payout ratio (DPR) is 11.54%.

SmartFinancial Company Profile

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.