SmartFinancial (NASDAQ:SMBK) Sets New 12-Month High at $29.75

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $29.75 and last traded at $29.75, with a volume of 13695 shares. The stock had previously closed at $29.39.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SMBK shares. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of SmartFinancial in a research note on Tuesday, July 23rd. Hovde Group increased their price target on SmartFinancial from $24.00 to $28.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler cut SmartFinancial from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $26.00 to $28.00 in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $27.00.

SmartFinancial Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50-day simple moving average of $27.51 and a two-hundred day simple moving average of $23.68. The stock has a market cap of $494.57 million, a price-to-earnings ratio of 18.84 and a beta of 0.69.

SmartFinancial (NASDAQ:SMBK) last posted its earnings results on Monday, July 22nd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. The business had revenue of $68.89 million for the quarter, compared to analyst estimates of $40.32 million. During the same period in the previous year, the firm earned $0.52 EPS. Equities analysts forecast that SmartFinancial, Inc. will post 1.99 EPS for the current fiscal year.

SmartFinancial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.32 dividend on an annualized basis and a yield of 1.09%. SmartFinancial’s dividend payout ratio (DPR) is currently 20.51%.

Institutional Investors Weigh In On SmartFinancial

Several hedge funds have recently bought and sold shares of SMBK. Mendon Capital Advisors Corp increased its stake in shares of SmartFinancial by 5,760.9% during the second quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock worth $1,586,000 after purchasing an additional 65,847 shares during the period. Deprince Race & Zollo Inc. boosted its position in shares of SmartFinancial by 2.2% in the second quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank’s stock valued at $4,747,000 after acquiring an additional 4,412 shares during the period. Renaissance Technologies LLC increased its stake in SmartFinancial by 1.1% during the 2nd quarter. Renaissance Technologies LLC now owns 140,274 shares of the bank’s stock worth $3,320,000 after acquiring an additional 1,500 shares during the period. Dimensional Fund Advisors LP raised its position in SmartFinancial by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock valued at $16,563,000 after purchasing an additional 35,054 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in SmartFinancial by 16.9% in the 2nd quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock valued at $4,349,000 after purchasing an additional 26,583 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.

About SmartFinancial

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.