SmartFinancial (NASDAQ:SMBK) to Repurchase $10.00 million in Outstanding Shares

SmartFinancial (NASDAQ:SMBK) announced that its Board of Directors has approved a share buyback plan on Friday, January 30th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. 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 note on Thursday, January 22nd. Piper Sandler upped their target price on SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a research note on Monday, October 27th. Finally, Keefe, Bruyette & Woods increased their target price on SmartFinancial from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.50.

SmartFinancial Trading Up 1.1%

Shares of NASDAQ:SMBK traded up $0.43 during trading on Friday, reaching $40.02. The stock had a trading volume of 62,548 shares, compared to its average volume of 74,807. 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 cap of $681.46 million, a P/E ratio of 18.70 and a beta of 0.75. The business has a fifty day moving average price of $38.15 and a 200-day moving average price of $36.45. SmartFinancial has a fifty-two week low of $26.31 and a fifty-two week high of $42.96.

Insiders Place Their Bets

In other SmartFinancial news, Director Steven B. Tucker sold 10,625 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total transaction of $403,856.25. Following the transaction, the director 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 sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 7.62% 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.