SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High – Still a Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $48.09 and last traded at $47.8950, with a volume of 63854 shares traded. The stock had previously closed at $46.92.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Benchmark started coverage on shares of SmartFinancial in a research report on Wednesday, June 24th. They issued a “buy” rating and a $54.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $50.00 price objective on shares of SmartFinancial in a research report on Monday, April 20th. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Keefe, Bruyette & Woods lifted their target price on SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

SmartFinancial Price Performance

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 company has a market capitalization of $822.16 million, a P/E ratio of 22.46 and a beta of 0.72. The business has a 50 day simple moving average of $42.80 and a 200-day simple moving average of $40.73.

SmartFinancial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a $0.09 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 0.7%. SmartFinancial’s dividend payout ratio is 11.54%.

Insider Activity

In other news, Director Victor Lynn Barrett bought 3,000 shares of SmartFinancial stock in a transaction on Wednesday, June 10th. The stock was purchased at an average cost of $43.78 per share, with a total value of $131,340.00. Following the purchase, the director directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cathy G. Ackermann bought 3,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average price of $42.12 per share, with a total value of $126,360.00. Following the transaction, the director owned 19,831 shares in the company, valued at $835,281.72. The trade was a 17.82% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 6,290 shares of company stock worth $269,677. 6.93% of the stock is currently owned by insiders.

Institutional Trading of SmartFinancial

Hedge funds have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new position in shares of SmartFinancial in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC lifted its holdings in SmartFinancial by 46.0% in the second 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 period. Tower Research Capital LLC TRC lifted its holdings in SmartFinancial by 173.4% in the second 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 during the period. State of Alaska Department of Revenue grew its position in SmartFinancial by 209.1% in 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 in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in SmartFinancial by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after buying an additional 316 shares in the last quarter. Institutional investors own 58.78% of the company’s stock.

SmartFinancial Company Profile

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.