SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High – Time to Buy?

SmartFinancial, Inc. (NASDAQ:SMBK) reached a new 52-week high on Monday . The stock traded as high as $51.39 and last traded at $51.10, with a volume of 4013 shares. The stock had previously closed at $50.01.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SMBK. Keefe, Bruyette & Woods increased their price objective on shares of SmartFinancial from $46.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday. Benchmark increased their price target on SmartFinancial from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday. Stephens lifted their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.75.

SmartFinancial Trading Up 0.7%

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average price of $44.94 and a 200 day moving average price of $41.91. The stock has a market capitalization of $861.48 million, a PE ratio of 23.54 and a beta of 0.70.

SmartFinancial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, July 31st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, July 31st. SmartFinancial’s dividend payout ratio (DPR) is presently 10.62%.

Insider Activity at SmartFinancial

In other SmartFinancial news, Director Victor Lynn Barrett bought 3,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were purchased at an average price of $43.78 per share, for a total transaction of $131,340.00. Following the purchase, the director directly owned 151,724 shares of the company’s stock, valued at approximately $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cathy G. Ackermann acquired 3,000 shares of SmartFinancial stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $42.12 per share, with a total value of $126,360.00. Following the purchase, the director directly owned 19,831 shares in the company, valued at approximately $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 6,290 shares of company stock worth $269,677. Insiders own 6.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Eagle Investment Management LLC grew its stake in SmartFinancial by 375.5% in the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock valued at $5,629,000 after buying an additional 120,167 shares in the last quarter. Wellington Management Group LLP raised its stake in SmartFinancial by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock valued at $26,934,000 after purchasing an additional 80,639 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SmartFinancial by 55.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock worth $6,038,000 after acquiring an additional 58,560 shares during the last quarter. Algebris UK Ltd. bought a new stake in SmartFinancial during the fourth quarter worth about $2,158,000. Finally, North Reef Capital Management LP lifted its position in SmartFinancial by 59.5% in the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock worth $4,989,000 after buying an additional 50,301 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

SmartFinancial Company Profile

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.