SmartFinancial (NASDAQ:SMBK) Hits New 12-Month High – Here’s Why

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.50 and last traded at $46.4580, with a volume of 6360 shares trading hands. The stock had previously closed at $44.84.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SMBK shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Keefe, Bruyette & Woods increased their price target on SmartFinancial from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.88.

SmartFinancial Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $794.03 million, a P/E ratio of 21.73 and a beta of 0.72. The company’s 50 day moving average price is $42.31 and its 200 day moving average price is $40.39.

SmartFinancial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.09 dividend. This is an increase from SmartFinancial’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 annualized dividend and a dividend yield of 0.8%. SmartFinancial’s payout ratio is 11.54%.

Insider Activity

In other SmartFinancial news, Director Cathy G. Ackermann bought 3,000 shares of the business’s stock in a transaction on 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 approximately $835,281.72. This trade represents a 17.82% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Victor Lynn Barrett purchased 3,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $43.78 per share, with a total value of $131,340.00. Following the transaction, the director owned 151,724 shares in the company, valued at $6,642,476.72. This trade represents a 2.02% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 6,290 shares of company stock worth $269,677. 6.93% of the stock is owned by company insiders.

Institutional Trading of SmartFinancial

A number of institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC raised its position in shares of SmartFinancial by 10.4% during the 1st quarter. NewEdge Advisors LLC now owns 29,429 shares of the bank’s stock valued at $1,150,000 after acquiring an additional 2,778 shares during the last quarter. Bank of America Corp DE boosted its position in shares of SmartFinancial by 147.6% in the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank’s stock worth $1,854,000 after purchasing an additional 28,280 shares during the last quarter. Quantinno Capital Management LP boosted its position in shares of SmartFinancial by 90.3% in the 1st quarter. Quantinno Capital Management LP now owns 20,794 shares of the bank’s stock worth $813,000 after purchasing an additional 9,869 shares during the last quarter. North Reef Capital Management LP grew its stake in shares of SmartFinancial by 1.6% during the first quarter. North Reef Capital Management LP now owns 137,088 shares of the bank’s stock worth $5,357,000 after purchasing an additional 2,217 shares during the period. Finally, First Trust Advisors LP increased its holdings in SmartFinancial by 0.6% in the first quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock valued at $1,821,000 after purchasing an additional 280 shares during the last quarter. Institutional investors and hedge funds 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.