SmartFinancial, Inc. (NASDAQ:SMBK) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $40.50.

Several brokerages recently weighed in on SMBK. Hovde Group upgraded SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research report on Thursday, January 22nd. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Director Steven B. Tucker sold 10,625 shares of SmartFinancial stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $38.01, for a total value of $403,856.25. Following the completion of the transaction, the director owned 49,914 shares of the company’s stock, valued at approximately $1,897,231.14. The trade was a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Wesley Miller Welborn acquired 835 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was purchased at an average price of $43.13 per share, with a total value of $36,013.55. Following the transaction, the chairman owned 96,468 shares of the company’s stock, valued at approximately $4,160,664.84. This trade represents a 0.87% increase in their position. The SEC filing for this purchase provides additional information. 7.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SmartFinancial

A number of large investors have recently bought and sold shares of the business. Kemnay Advisory Services Inc. purchased a new position in SmartFinancial during the fourth quarter worth approximately $25,000. Tripletail Wealth Management LLC purchased a new stake in shares of SmartFinancial in the third quarter valued at approximately $35,000. EverSource Wealth Advisors LLC raised its stake in shares of SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after buying an additional 472 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of SmartFinancial by 173.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after buying an additional 1,202 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of SmartFinancial by 24.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock valued at $76,000 after buying an additional 438 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

SmartFinancial Stock Performance

Shares of SMBK stock opened at $38.31 on Friday. SmartFinancial has a 52-week low of $26.31 and a 52-week high of $43.90. 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 stock has a market cap of $652.34 million, a PE ratio of 17.90 and a beta of 0.77. The business has a 50-day simple moving average of $39.79 and a 200-day simple moving average of $37.56.

SmartFinancial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.8%. SmartFinancial’s dividend payout ratio is 10.74%.

SmartFinancial announced that its Board of Directors has initiated a share buyback program on Friday, January 30th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

About SmartFinancial

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.