SmartFinancial (NASDAQ:SMBK) Price Target Raised to $32.50

SmartFinancial (NASDAQ:SMBK) had its price target upped by Hovde Group from $28.00 to $32.50 in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a market perform rating on the bank’s stock.

SMBK has been the topic of a number of other reports. Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a research note on Tuesday, July 23rd. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $26.00 to $28.00 in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.50.

SmartFinancial Stock Down 2.0 %

SMBK opened at $31.69 on Wednesday. The firm has a 50 day moving average price of $29.25 and a 200 day moving average price of $25.49. The company has a market cap of $540.73 million, a PE ratio of 20.31 and a beta of 0.69. SmartFinancial has a 1 year low of $19.00 and a 1 year high of $32.40. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90.

SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. The firm had revenue of $73.10 million during the quarter, compared to analysts’ expectations of $42.32 million. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. During the same quarter in the prior year, the business earned $0.43 EPS. Sell-side analysts expect that SmartFinancial will post 1.97 earnings per share for the current year.

Hedge Funds Weigh In On SmartFinancial

Institutional investors have recently bought and sold shares of the stock. Foundry Partners LLC grew its stake in SmartFinancial by 41.7% during the 1st quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock valued at $3,179,000 after acquiring an additional 44,407 shares in the last quarter. BNP Paribas Financial Markets grew its stake in SmartFinancial by 429.0% during the 1st quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock valued at $499,000 after acquiring an additional 19,210 shares in the last quarter. Russell Investments Group Ltd. grew its stake in SmartFinancial by 23.7% during the 1st quarter. Russell Investments Group Ltd. now owns 130,361 shares of the bank’s stock valued at $2,747,000 after acquiring an additional 24,979 shares in the last quarter. Vanguard Group Inc. grew its stake in SmartFinancial by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 789,233 shares of the bank’s stock valued at $16,629,000 after acquiring an additional 19,490 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in SmartFinancial by 320.7% during the 2nd quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock valued at $1,289,000 after acquiring an additional 41,602 shares in the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Company Profile

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.