SmartFinancial (NASDAQ:SMBK) Lowered to “Hold” Rating by Zacks Research

SmartFinancial (NASDAQ:SMBK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of SmartFinancial from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. Raymond James Financial restated a “strong-buy” rating and issued a $44.00 price objective (up from $42.00) on shares of SmartFinancial in a report on Thursday, July 24th. Finally, Hovde Group boosted their price objective on shares of SmartFinancial from $37.50 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, SmartFinancial presently has a consensus rating of “Hold” and a consensus price target of $38.25.

SmartFinancial Trading Down 1.0%

Shares of SMBK opened at $34.65 on Wednesday. SmartFinancial has a 52-week low of $26.31 and a 52-week high of $37.92. 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’s fifty day moving average is $35.85 and its two-hundred day moving average is $33.29. The stock has a market cap of $589.74 million, a PE ratio of 16.19 and a beta of 0.80.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings results on Monday, July 21st. The bank reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. SmartFinancial had a net margin of 12.67% and a return on equity of 7.33%. During the same quarter in the previous year, the business posted $0.46 EPS. Research analysts forecast that SmartFinancial will post 2.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its holdings in shares of SmartFinancial by 0.5% in the first quarter. American Century Companies Inc. now owns 276,458 shares of the bank’s stock valued at $8,592,000 after acquiring an additional 1,511 shares during the period. CSM Advisors LLC acquired a new stake in shares of SmartFinancial in the second quarter valued at approximately $5,996,000. Hillsdale Investment Management Inc. boosted its holdings in shares of SmartFinancial by 29.2% in the second quarter. Hillsdale Investment Management Inc. now owns 160,229 shares of the bank’s stock valued at $5,413,000 after acquiring an additional 36,200 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of SmartFinancial by 1.4% in the second quarter. Acadian Asset Management LLC now owns 158,723 shares of the bank’s stock valued at $5,360,000 after acquiring an additional 2,132 shares during the period. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of SmartFinancial by 4.4% in the second quarter. Bridgeway Capital Management LLC now owns 127,533 shares of the bank’s stock valued at $4,308,000 after acquiring an additional 5,324 shares during the period. 58.78% of the stock is owned by institutional investors and hedge funds.

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.