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

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $47.50.

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Benchmark assumed coverage on shares of SmartFinancial in a research note on Wednesday, June 24th. They issued a “buy” rating and a $54.00 target price for the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $50.00 target price on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Keefe, Bruyette & Woods upped their target price 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 Transactions at SmartFinancial

In other SmartFinancial news, Director Victor Lynn Barrett acquired 3,000 shares of SmartFinancial stock in a transaction dated Wednesday, June 10th. The stock was bought at an average cost of $43.78 per share, for a total transaction 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 represents a 2.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Cathy G. Ackermann acquired 3,000 shares of SmartFinancial stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $42.12 per share, with a total value of $126,360.00. Following the completion of the purchase, the director owned 19,831 shares in the company, valued at approximately $835,281.72. The trade was a 17.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 6,290 shares of company stock valued at $269,677. Company insiders own 6.93% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

Several hedge funds have recently bought and sold shares of SMBK. First Eagle Investment Management LLC lifted its stake in SmartFinancial by 375.5% in the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock valued at $5,629,000 after purchasing an additional 120,167 shares during the last quarter. Wellington Management Group LLP lifted its stake in SmartFinancial by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock valued at $26,934,000 after purchasing an additional 80,639 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in SmartFinancial by 55.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock valued at $6,038,000 after purchasing an additional 58,560 shares during the last quarter. Algebris UK Ltd. acquired a new stake in SmartFinancial in the 4th quarter valued at about $2,158,000. Finally, North Reef Capital Management LP lifted its stake in SmartFinancial by 59.5% in the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock valued at $4,989,000 after purchasing an additional 50,301 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.

SmartFinancial Price Performance

Shares of SMBK stock opened at $46.97 on Wednesday. SmartFinancial has a 12-month low of $32.63 and a 12-month high of $47.97. The firm has a market capitalization of $803.02 million, a price-to-earnings ratio of 21.95 and a beta of 0.72. 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 firm has a fifty day moving average of $42.80 and a 200-day moving average of $40.73.

SmartFinancial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, May 15th. This represents a $0.36 dividend on an annualized basis and a dividend 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 currently 11.54%.

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.