SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High on Strong Earnings

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $31.50 and last traded at $31.10, with a volume of 891 shares changing hands. The stock had previously closed at $30.15.

The bank reported $0.54 EPS for the quarter, topping the consensus estimate of $0.49 by $0.05. The company had revenue of $73.10 million for the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same period in the previous year, the firm earned $0.43 earnings per share.

SmartFinancial Dividend Announcement

The company 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. This represents a $0.32 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Friday, August 9th. SmartFinancial’s payout ratio is 20.51%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SMBK shares. 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 research note on Wednesday, July 24th. Hovde Group upped their price target on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and issued a $27.00 price target on shares of SmartFinancial in a research note on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Hedge Funds Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in SmartFinancial during the 3rd quarter valued at about $161,000. Acadian Asset Management LLC purchased a new stake in shares of SmartFinancial during the 1st quarter valued at about $271,000. Creative Planning purchased a new stake in shares of SmartFinancial during the 3rd quarter valued at about $394,000. Inspire Investing LLC bought a new stake in SmartFinancial during the third quarter valued at approximately $415,000. Finally, BNP Paribas Financial Markets increased its holdings in SmartFinancial by 429.0% during the first quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock valued at $499,000 after buying an additional 19,210 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

SmartFinancial Trading Up 3.2 %

The firm has a market capitalization of $530.66 million, a PE ratio of 19.33 and a beta of 0.69. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock’s fifty day simple moving average is $28.88 and its 200 day simple moving average is $25.25.

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.