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

SmartFinancial (NASDAQ:SMBK) had its target price lowered by equities researchers at Keefe, Bruyette & Woods from $26.00 to $24.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.94% from the company’s previous close.

SMBK has been the topic of a number of other reports. StockNews.com upgraded shares of SmartFinancial from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. Piper Sandler upgraded shares of SmartFinancial from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $25.00 to $26.00 in a report on Wednesday. Raymond James increased their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Friday, January 5th. Hovde Group dropped their target price on shares of SmartFinancial from $26.00 to $23.00 and set a “market perform” rating on the stock in a report on Wednesday. Finally, Stephens reiterated an “overweight” rating and set a $26.00 target price on shares of SmartFinancial in a report on Tuesday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.40.

SmartFinancial Trading Up 0.7 %

Shares of NASDAQ SMBK traded up $0.14 during mid-day trading on Wednesday, reaching $20.35. The company had a trading volume of 9,991 shares, compared to its average volume of 32,135. The business’s 50-day moving average is $20.83 and its 200-day moving average is $21.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12. The stock has a market cap of $347.17 million, a price-to-earnings ratio of 13.22 and a beta of 0.69. SmartFinancial has a 52 week low of $18.86 and a 52 week high of $25.98.

SmartFinancial (NASDAQ:SMBK) last posted 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). The company had revenue of $65.07 million during the quarter, compared to the consensus estimate of $39.14 million. SmartFinancial had a return on equity of 6.94% and a net margin of 10.65%. During the same quarter in the previous year, the company posted $0.76 earnings per share. Equities analysts expect that SmartFinancial will post 1.91 earnings per share for the current year.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the stock in a transaction dated Tuesday, March 5th. The shares were 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 of the company’s stock, valued at $412,938.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On SmartFinancial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Swiss National Bank raised its position in shares of SmartFinancial by 2.6% in the 3rd quarter. Swiss National Bank now owns 31,747 shares of the bank’s stock valued at $678,000 after purchasing an additional 800 shares during the last quarter. Equitable Trust Co. raised its position in SmartFinancial by 7.1% during the 4th quarter. Equitable Trust Co. now owns 16,525 shares of the bank’s stock worth $405,000 after buying an additional 1,100 shares during the last quarter. SG Americas Securities LLC raised its position in SmartFinancial by 19.8% during the 4th quarter. SG Americas Securities LLC now owns 8,916 shares of the bank’s stock worth $218,000 after buying an additional 1,474 shares during the last quarter. Victory Capital Management Inc. raised its position in 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 during the last quarter. Finally, New York State Common Retirement Fund raised its position in SmartFinancial by 68.0% during the 3rd quarter. New York State Common Retirement Fund now owns 7,430 shares of the bank’s stock worth $159,000 after buying an additional 3,008 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.