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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SMBK shares. Hovde Group boosted their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Piper Sandler downgraded shares of SmartFinancial from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $26.00 to $28.00 in a report on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.00.

SmartFinancial Trading Up 0.5 %

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

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

SmartFinancial Announces Dividend

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

Hedge Funds Weigh In On SmartFinancial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mendon Capital Advisors Corp increased its holdings in SmartFinancial by 5,760.9% in the 2nd quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock worth $1,586,000 after buying an additional 65,847 shares during the period. Deprince Race & Zollo Inc. increased its holdings in SmartFinancial by 2.2% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank’s stock worth $4,747,000 after buying an additional 4,412 shares during the period. Renaissance Technologies LLC increased its holdings in SmartFinancial by 1.1% in the 2nd quarter. Renaissance Technologies LLC now owns 140,274 shares of the bank’s stock worth $3,320,000 after buying an additional 1,500 shares during the period. Dimensional Fund Advisors LP boosted its position in SmartFinancial by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock worth $16,563,000 after purchasing an additional 35,054 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in SmartFinancial by 16.9% in the 2nd quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock worth $4,349,000 after purchasing an additional 26,583 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

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.