SmartFinancial (NASDAQ:SMBK) Sets New 1-Year High – Time to Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.14 and last traded at $52.9060, with a volume of 29244 shares changing hands. The stock had previously closed at $52.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Stephens boosted their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a research note on Wednesday, July 22nd. Finally, Benchmark increased their price objective on shares of SmartFinancial from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.75.

SmartFinancial Stock Performance

The business’s fifty day moving average is $46.52 and its two-hundred day moving average is $42.64. 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 capitalization of $909.25 million, a PE ratio of 24.85 and a beta of 0.69.

SmartFinancial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, July 31st will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, July 31st. SmartFinancial’s dividend payout ratio is currently 10.62%.

Insider Activity

In related news, Director Victor Lynn Barrett acquired 3,000 shares of SmartFinancial stock in a transaction on Wednesday, June 10th. The shares were bought at an average cost of $43.78 per share, with a total value of $131,340.00. Following the completion of the purchase, the director directly owned 151,724 shares of the company’s stock, valued at $6,642,476.72. The trade was a 2.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Cathy G. Ackermann acquired 3,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $42.12 per share, with a total value of $126,360.00. Following the completion of the purchase, the director directly owned 19,831 shares in the company, valued at approximately $835,281.72. The trade was a 17.82% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.93% of the company’s stock.

Institutional Trading of SmartFinancial

A number of institutional investors have recently bought and sold shares of SMBK. First Eagle Investment Management LLC boosted its stake in SmartFinancial by 375.5% during the fourth 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 period. Wellington Management Group LLP lifted its holdings in shares of SmartFinancial by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock worth $26,934,000 after acquiring an additional 80,639 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SmartFinancial by 55.9% in the 4th 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 last quarter. Algebris UK Ltd. purchased a new position in shares of SmartFinancial during the 4th quarter worth about $2,158,000. Finally, North Reef Capital Management LP grew its holdings in SmartFinancial by 59.5% during the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock valued at $4,989,000 after purchasing an additional 50,301 shares during 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.