SmartFinancial (NASDAQ:SMBK) Price Target Lowered to $24.00 at Keefe, Bruyette & Woods

SmartFinancial (NASDAQ:SMBK) had its price objective reduced by Keefe, Bruyette & Woods from $26.00 to $24.00 in a research report sent to investors on Wednesday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Several other research analysts have also weighed in on the company. Hovde Group lowered their price target on SmartFinancial from $26.00 to $23.00 and set a market perform rating on the stock in a research report on Wednesday. Piper Sandler raised SmartFinancial from a neutral rating to an overweight rating and boosted their price target for the stock from $25.00 to $26.00 in a research report on Wednesday. Raymond James lifted their target price on SmartFinancial from $24.00 to $28.00 and gave the stock a strong-buy rating in a research note on Friday, January 5th. StockNews.com upgraded SmartFinancial from a sell rating to a hold rating in a research note on Tuesday, January 9th. Finally, Stephens restated an overweight rating and issued a $26.00 price target on shares of SmartFinancial in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $25.40.

SmartFinancial Stock Up 3.5 %

Shares of SmartFinancial stock opened at $20.92 on Wednesday. The business’s 50 day simple moving average is $20.82 and its 200 day simple moving average is $21.93. SmartFinancial has a 52-week low of $18.86 and a 52-week high of $25.98. The firm has a market cap of $356.90 million, a PE ratio of 10.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 0.88.

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

Insider Activity

In other news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 19,091 shares in the company, valued at approximately $412,938.33. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors have recently modified their holdings of the business. Mendon Capital Advisors Corp acquired a new position in shares of SmartFinancial during the 4th quarter worth $1,872,000. 1492 Capital Management LLC acquired a new position in shares of SmartFinancial during the 4th quarter worth $242,000. Victory Capital Management Inc. raised its holdings in shares of SmartFinancial by 11.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,300 shares of the bank’s stock worth $571,000 after buying an additional 2,350 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of SmartFinancial by 48.6% during the 4th quarter. Russell Investments Group Ltd. now owns 105,382 shares of the bank’s stock worth $2,581,000 after buying an additional 34,488 shares in the last quarter. Finally, SlateStone Wealth LLC raised its holdings in shares of SmartFinancial by 54.2% during the 4th quarter. SlateStone Wealth LLC now owns 33,427 shares of the bank’s stock worth $819,000 after buying an additional 11,750 shares in the last quarter. Institutional investors and hedge funds 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.