Analysts Set SmartFinancial, Inc. (NASDAQ:SMBK) Price Target at $29.50

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $29.50.

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

Institutional Investors Weigh In On SmartFinancial

A number of large investors have recently added to or reduced their stakes in SMBK. Huntington National Bank increased its position in shares of SmartFinancial by 5,269.2% during the 3rd quarter. Huntington National Bank now owns 1,396 shares of the bank’s stock valued at $41,000 after purchasing an additional 1,370 shares during the last quarter. SG Americas Securities LLC purchased a new position in SmartFinancial in the 3rd quarter worth $161,000. CAP Partners LLC purchased a new stake in SmartFinancial during the third quarter valued at about $230,000. Acadian Asset Management LLC bought a new position in shares of SmartFinancial during the first quarter valued at about $271,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of SmartFinancial in the third quarter worth about $334,000. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Stock Performance

Shares of SMBK stock opened at $36.22 on Friday. The firm’s 50 day moving average is $30.80 and its 200 day moving average is $26.86. The stock has a market capitalization of $612.84 million, a P/E ratio of 18.60 and a beta of 0.67. SmartFinancial has a 12 month low of $19.00 and a 12 month high of $37.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12.

SmartFinancial (NASDAQ:SMBK) last posted its earnings results on Monday, October 21st. The bank reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.05. The firm had revenue of $73.10 million for the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a return on equity of 6.90% and a net margin of 11.88%. During the same quarter in the prior year, the business posted $0.43 earnings per share. On average, sell-side analysts anticipate that SmartFinancial will post 2.03 earnings per share for the current 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 dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Tuesday, November 12th. SmartFinancial’s dividend payout ratio is currently 16.49%.

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.