SmartFinancial (NASDAQ:SMBK) Price Target Raised to $50.00

SmartFinancial (NASDAQ:SMBK) had its target price raised by stock analysts at Keefe, Bruyette & Woods from $46.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 3.31% from the company’s current price.

Several other equities analysts have also weighed in on the company. Raymond James Financial restated a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a research note on Wednesday. Benchmark increased their price target on SmartFinancial from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.30.

SmartFinancial Trading Down 0.4%

Shares of SmartFinancial stock opened at $48.40 on Thursday. The firm has a 50-day simple moving average of $44.58 and a two-hundred day simple moving average of $41.73. The company has a market cap of $827.53 million, a P/E ratio of 22.62 and a beta of 0.70. SmartFinancial has a fifty-two week low of $32.63 and a fifty-two week high of $49.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.

Insider Activity at SmartFinancial

In related news, Director Cathy G. Ackermann acquired 3,000 shares of SmartFinancial stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average price of $42.12 per share, for a total transaction of $126,360.00. Following the completion of the transaction, the director owned 19,831 shares in the company, valued at $835,281.72. This represents a 17.82% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Victor Lynn Barrett bought 3,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was bought at an average price of $43.78 per share, with a total value of $131,340.00. Following the completion of the acquisition, the director owned 151,724 shares in the company, valued at $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 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 modified their holdings of the company. First Eagle Investment Management LLC increased its holdings in shares of SmartFinancial by 375.5% during the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock worth $5,629,000 after buying an additional 120,167 shares during the last quarter. Wellington Management Group LLP lifted its holdings 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 acquiring an additional 80,639 shares during the last quarter. Goldman Sachs Group Inc. grew its position in SmartFinancial by 55.9% in the fourth 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 period. Algebris UK Ltd. purchased a new position in SmartFinancial in the fourth quarter worth approximately $2,158,000. Finally, North Reef Capital Management LP increased its stake in SmartFinancial by 59.5% during the fourth quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock worth $4,989,000 after acquiring an additional 50,301 shares during the last quarter. Institutional investors and hedge funds 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.