SmartFinancial (NASDAQ:SMBK) Upgraded by Benchmark to Strong-Buy Rating

SmartFinancial (NASDAQ:SMBK) was upgraded by equities researchers at Benchmark to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently commented on SMBK. Raymond James Financial reaffirmed a “strong-buy” rating and set a $50.00 price target on shares of SmartFinancial in a research report on Monday, April 20th. Keefe, Bruyette & Woods increased their target price on SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a report on Tuesday, April 21st. Finally, Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

SmartFinancial Stock Performance

SmartFinancial stock opened at $46.77 on Wednesday. The stock has a market cap of $799.64 million, a P/E ratio of 21.85 and a beta of 0.72. The stock has a 50 day moving average of $42.48 and a 200-day moving average of $40.52. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial has a 52 week low of $32.51 and a 52 week high of $47.25.

Insider Activity

In other news, Director Cathy G. Ackermann purchased 3,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were bought at an average cost of $42.12 per share, for a total transaction of $126,360.00. Following the transaction, the director owned 19,831 shares in the company, valued at $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Victor Lynn Barrett acquired 3,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was purchased at an average price of $43.78 per share, with a total value of $131,340.00. Following the acquisition, the director owned 151,724 shares of the company’s stock, 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. In the last 90 days, insiders acquired 6,290 shares of company stock valued at $269,677. 6.93% of the stock is owned by insiders.

Hedge Funds Weigh In On SmartFinancial

Several large investors have recently made changes to their positions in SMBK. Kemnay Advisory Services Inc. bought a new stake in shares of SmartFinancial in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its position in SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of SmartFinancial by 173.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after purchasing an additional 1,202 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of SmartFinancial by 209.1% during the 4th quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock valued at $77,000 after buying an additional 1,424 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in SmartFinancial by 13.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after acquiring an additional 316 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

About SmartFinancial

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.