SmartFinancial, Inc. (NASDAQ:SMBK) Receives $29.50 Average PT from Brokerages

SmartFinancial, Inc. (NASDAQ:SMBK) has been given a consensus rating of “Moderate Buy” by the five research firms that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $29.50.

SMBK has been the subject of several research analyst reports. Piper Sandler lowered shares of SmartFinancial from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $26.00 to $28.00 in a research report on Wednesday, July 24th. Raymond James lifted their price objective on shares of SmartFinancial from $32.00 to $36.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 23rd. Hovde Group increased their target price on SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research note on Wednesday, October 23rd. Finally, Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of SmartFinancial in a research note on Tuesday, July 23rd.

SmartFinancial Stock Down 0.8 %

Shares of NASDAQ:SMBK opened at $35.93 on Friday. The company has a market cap of $608.29 million, a price-to-earnings ratio of 18.52 and a beta of 0.67. SmartFinancial has a one year low of $19.00 and a one year high of $37.72. The firm has a fifty day moving average price of $31.11 and a two-hundred day moving average price of $27.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial (NASDAQ:SMBK) last posted its earnings results on Monday, October 21st. The bank reported $0.54 EPS for the quarter, topping the consensus estimate of $0.49 by $0.05. The business had revenue of $73.10 million during the quarter, compared to analysts’ expectations of $42.32 million. SmartFinancial had a return on equity of 6.81% and a net margin of 11.88%. During the same period in the previous year, the business earned $0.43 earnings per share. Analysts anticipate that SmartFinancial will post 2.03 EPS for the current fiscal year.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. SmartFinancial’s dividend payout ratio is currently 16.49%.

Institutional Investors Weigh In On SmartFinancial

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in SmartFinancial by 2.5% in the first quarter. Vanguard Group Inc. now owns 789,233 shares of the bank’s stock valued at $16,629,000 after purchasing an additional 19,490 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in SmartFinancial by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock valued at $16,563,000 after buying an additional 35,054 shares during the last quarter. Wellington Management Group LLP boosted its position in SmartFinancial by 69.0% during the 3rd quarter. Wellington Management Group LLP now owns 340,418 shares of the bank’s stock valued at $9,920,000 after buying an additional 139,009 shares during the period. State Street Corp grew its holdings in SmartFinancial by 3.3% in the 3rd quarter. State Street Corp now owns 336,147 shares of the bank’s stock worth $9,795,000 after acquiring an additional 10,623 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of SmartFinancial by 0.4% in the third quarter. Geode Capital Management LLC now owns 335,501 shares of the bank’s stock valued at $9,779,000 after acquiring an additional 1,307 shares during the period. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

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.