SmartFinancial (NASDAQ:SMBK) Price Target Cut to $24.00 by Analysts at Keefe, Bruyette & Woods

SmartFinancial (NASDAQ:SMBK) had its price target decreased by research analysts at Keefe, Bruyette & Woods from $26.00 to $24.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.94% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. StockNews.com upgraded SmartFinancial from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. Stephens reiterated an “overweight” rating and set a $26.00 target price on shares of SmartFinancial in a report on Tuesday. Hovde Group lowered their target price on SmartFinancial from $26.00 to $23.00 and set a “market perform” rating for the company in a report on Wednesday. Piper Sandler upgraded SmartFinancial from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $25.00 to $26.00 in a report on Wednesday. Finally, Raymond James raised their price objective on SmartFinancial from $24.00 to $28.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $25.40.

SmartFinancial Trading Up 0.7 %

Shares of SMBK stock traded up $0.14 on Wednesday, hitting $20.35. The stock had a trading volume of 9,991 shares, compared to its average volume of 32,135. SmartFinancial has a twelve month low of $18.86 and a twelve month high of $25.98. The firm has a market cap of $347.17 million, a P/E ratio of 13.22 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average price of $20.83 and a two-hundred day moving average price of $21.94.

SmartFinancial (NASDAQ:SMBK) last released its earnings results on Monday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). The firm had revenue of $65.07 million for the quarter, compared to the consensus estimate of $39.14 million. SmartFinancial had a return on equity of 6.94% and a net margin of 10.65%. During the same quarter last year, the company posted $0.76 EPS. As a group, analysts forecast that SmartFinancial will post 1.91 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total value of $51,782.22. Following the completion of the transaction, the executive vice president now owns 19,091 shares in the company, valued at approximately $412,938.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SmartFinancial

A number of hedge funds and other institutional investors have recently bought and sold shares of SMBK. New York State Common Retirement Fund grew its holdings in SmartFinancial by 68.0% during the third quarter. New York State Common Retirement Fund now owns 7,430 shares of the bank’s stock worth $159,000 after purchasing an additional 3,008 shares during the period. SG Americas Securities LLC bought a new position in SmartFinancial during the third quarter worth about $159,000. 1492 Capital Management LLC bought a new position in SmartFinancial during the fourth quarter worth about $242,000. Bailard Inc. bought a new position in SmartFinancial during the third quarter worth about $292,000. Finally, Equitable Trust Co. grew its holdings in SmartFinancial by 7.1% during the fourth quarter. Equitable Trust Co. now owns 16,525 shares of the bank’s stock worth $405,000 after purchasing an additional 1,100 shares during the period. 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.