SmartFinancial (NASDAQ:SMBK) Price Target Cut to $23.00

SmartFinancial (NASDAQ:SMBK) had its target price lowered by analysts at Hovde Group from $26.00 to $23.00 in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has a “market perform” rating on the bank’s stock. Hovde Group’s price target suggests a potential upside of 10.36% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on SmartFinancial from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Wednesday, January 24th. Stephens reissued an “overweight” rating and issued a $26.00 price objective on shares of SmartFinancial in a research note on Tuesday. Piper Sandler raised SmartFinancial from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $25.00 to $26.00 in a research note on Wednesday. Raymond James boosted their price objective on SmartFinancial from $24.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Finally, StockNews.com raised SmartFinancial from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.40.

SmartFinancial Trading Up 0.3 %

NASDAQ SMBK opened at $20.84 on Wednesday. The business’s 50-day moving average price is $20.78 and its two-hundred day moving average price is $21.92. SmartFinancial has a 12 month low of $18.86 and a 12 month high of $25.98. The firm has a market capitalization of $355.53 million, a PE ratio of 13.36 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12.

SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings results on Monday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). SmartFinancial had a net margin of 10.65% and a return on equity of 6.94%. The company had revenue of $65.07 million during the quarter, compared to the consensus estimate of $39.14 million. During the same quarter last year, the firm posted $0.76 EPS. On average, analysts expect that SmartFinancial will post 1.91 EPS for the current year.

Insider Buying and Selling

In related news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total transaction of $51,782.22. Following the transaction, the executive vice president now directly owns 19,091 shares of the company’s stock, valued at approximately $412,938.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 7.80% of the stock is owned by company insiders.

Institutional Trading of SmartFinancial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mendon Capital Advisors Corp purchased a new stake in shares of SmartFinancial in the fourth quarter worth approximately $1,872,000. 1492 Capital Management LLC purchased a new stake in shares of SmartFinancial in the fourth quarter worth approximately $242,000. Victory Capital Management Inc. raised its stake in shares of SmartFinancial by 11.2% in 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 last quarter. Russell Investments Group Ltd. raised its stake in shares of SmartFinancial by 48.6% in the fourth quarter. Russell Investments Group Ltd. now owns 105,382 shares of the bank’s stock worth $2,581,000 after purchasing an additional 34,488 shares during the last quarter. Finally, SlateStone Wealth LLC raised its stake in shares of SmartFinancial by 54.2% in the fourth quarter. SlateStone Wealth LLC now owns 33,427 shares of the bank’s stock worth $819,000 after purchasing an additional 11,750 shares during 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.