SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High at $29.75

SmartFinancial, Inc. (NASDAQ:SMBK)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $29.75 and last traded at $29.75, with a volume of 13695 shares traded. The stock had previously closed at $29.39.

Wall Street Analysts Forecast Growth

SMBK has been the topic of several recent research reports. Piper Sandler lowered SmartFinancial from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $26.00 to $28.00 in a research report on Wednesday, July 24th. Hovde Group increased their target price on SmartFinancial from $24.00 to $28.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and set a $27.00 target price on shares of SmartFinancial in a research report on Tuesday, July 23rd. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

SmartFinancial Trading Up 0.5 %

The company has a 50 day moving average of $27.74 and a 200 day moving average of $23.79. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $504.04 million, a price-to-earnings ratio of 18.94 and a beta of 0.69.

SmartFinancial (NASDAQ:SMBK) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. The firm had revenue of $68.89 million during the quarter, compared to the consensus estimate of $40.32 million. During the same period in the prior year, the company earned $0.52 EPS. On average, research analysts predict that SmartFinancial, Inc. will post 1.99 EPS for the current fiscal year.

SmartFinancial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, August 9th. SmartFinancial’s dividend payout ratio (DPR) is presently 20.51%.

Institutional Trading of SmartFinancial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of SmartFinancial by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 24,147 shares of the bank’s stock worth $572,000 after acquiring an additional 361 shares during the last quarter. SlateStone Wealth LLC increased its position in shares of SmartFinancial by 1.5% during the 1st quarter. SlateStone Wealth LLC now owns 33,927 shares of the bank’s stock worth $715,000 after purchasing an additional 500 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of SmartFinancial by 1.1% during the 2nd quarter. Renaissance Technologies LLC now owns 140,274 shares of the bank’s stock worth $3,320,000 after purchasing an additional 1,500 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of SmartFinancial by 11.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,300 shares of the bank’s stock worth $571,000 after purchasing an additional 2,350 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of SmartFinancial by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock worth $2,273,000 after purchasing an additional 3,810 shares during the last quarter. 58.78% of the stock is owned by institutional investors and hedge funds.

About SmartFinancial

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.