SmartFinancial (NASDAQ:SMBK) Hits New 52-Week High – Still a Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $40.45 and last traded at $40.36, with a volume of 126296 shares trading hands. The stock had previously closed at $39.00.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Hovde Group upped their price objective on SmartFinancial from $40.00 to $41.00 and gave the company a “market perform” rating in a research report on Thursday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of SmartFinancial from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Tuesday, November 4th. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Finally, Piper Sandler boosted their price objective on shares of SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $39.10.

SmartFinancial Price Performance

The company has a market capitalization of $687.25 million, a PE ratio of 18.86 and a beta of 0.75. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $37.52 and its 200-day moving average price is $36.26.

SmartFinancial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 2nd. Stockholders of record on Monday, November 17th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, November 17th. SmartFinancial’s dividend payout ratio (DPR) is 11.68%.

Insider Buying and Selling at SmartFinancial

In other news, Director Steven B. Tucker sold 10,625 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total transaction of $403,856.25. Following the completion of the sale, the director owned 49,914 shares in the company, valued at approximately $1,897,231.14. The trade was a 17.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors and hedge funds have recently bought and sold shares of SMBK. Tripletail Wealth Management LLC purchased a new stake in shares of SmartFinancial during the third quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after purchasing an additional 472 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in 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. PNC Financial Services Group Inc. lifted its holdings in SmartFinancial by 24.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock worth $76,000 after buying an additional 438 shares in the last quarter. Finally, CWM LLC lifted its holdings in SmartFinancial by 27.7% in the 3rd quarter. CWM LLC now owns 3,160 shares of the bank’s stock worth $113,000 after buying an additional 685 shares in the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

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.