Victory Capital Management Inc. Has $722,000 Position in SmartFinancial, Inc. (NASDAQ:SMBK)

Victory Capital Management Inc. grew its position in SmartFinancial, Inc. (NASDAQ:SMBK) by 22.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,500 shares of the bank’s stock after purchasing an additional 5,500 shares during the period. Victory Capital Management Inc. owned about 0.18% of SmartFinancial worth $722,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in SmartFinancial by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 789,233 shares of the bank’s stock worth $16,629,000 after buying an additional 19,490 shares during the period. Salzhauer Michael raised its position in shares of SmartFinancial by 5.5% during the first quarter. Salzhauer Michael now owns 243,467 shares of the bank’s stock worth $5,130,000 after purchasing an additional 12,700 shares during the period. Foundry Partners LLC raised its position in shares of SmartFinancial by 41.7% during the first quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock worth $3,179,000 after purchasing an additional 44,407 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of SmartFinancial by 23.7% during the 1st quarter. Russell Investments Group Ltd. now owns 130,361 shares of the bank’s stock valued at $2,747,000 after purchasing an additional 24,979 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of SmartFinancial by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock valued at $2,273,000 after purchasing an additional 3,810 shares during the period. 58.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

SmartFinancial Price Performance

NASDAQ SMBK opened at $29.94 on Friday. The firm’s 50 day moving average is $28.03 and its 200-day moving average is $23.95. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $510.87 million, a PE ratio of 19.19 and a beta of 0.69. SmartFinancial, Inc. has a 12-month low of $19.00 and a 12-month high of $30.21.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results 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 analyst estimates of $40.32 million. During the same period in the previous year, the business earned $0.52 EPS. Equities research analysts anticipate that SmartFinancial, Inc. will post 1.99 earnings per share for the current fiscal year.

SmartFinancial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a dividend of $0.08 per share. The ex-dividend date was Friday, August 9th. This represents a $0.32 annualized dividend and a yield of 1.07%. SmartFinancial’s dividend payout ratio (DPR) is presently 20.51%.

SmartFinancial Company Profile

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.