SmartFinancial (NASDAQ:SMBK) Rating Lowered to Hold at Zacks Research

SmartFinancial (NASDAQ:SMBK) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Hovde Group raised shares of SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.50.

SmartFinancial Stock Down 1.4%

NASDAQ:SMBK opened at $38.31 on Thursday. The company has a market cap of $652.34 million, a PE ratio of 17.90 and a beta of 0.77. SmartFinancial has a one year low of $26.31 and a one year high of $43.90. The firm’s 50 day simple moving average is $39.79 and its 200 day simple moving average is $37.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

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

Insider Activity at SmartFinancial

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMBK. Harbor Capital Advisors Inc. raised its holdings in SmartFinancial by 5.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock worth $217,000 after purchasing an additional 321 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of SmartFinancial by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock valued at $295,000 after buying an additional 390 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of SmartFinancial by 24.3% in 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 during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after buying an additional 472 shares during the last quarter. Finally, Engineers Gate Manager LP raised its stake in SmartFinancial by 5.2% during the 2nd quarter. Engineers Gate Manager LP now owns 11,849 shares of the bank’s stock worth $400,000 after acquiring an additional 585 shares in the last quarter. 58.78% of the stock is currently owned by institutional investors.

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.