Mendon Capital Advisors Corp Purchases 65,847 Shares of SmartFinancial, Inc. (NASDAQ:SMBK)

Mendon Capital Advisors Corp lifted its position in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 5,760.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,990 shares of the bank’s stock after acquiring an additional 65,847 shares during the period. SmartFinancial makes up about 1.3% of Mendon Capital Advisors Corp’s portfolio, making the stock its 18th largest holding. Mendon Capital Advisors Corp owned approximately 0.39% of SmartFinancial worth $1,586,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SMBK. Acadian Asset Management LLC bought a new stake in SmartFinancial during the first quarter worth $271,000. BNP Paribas Financial Markets raised its holdings in shares of SmartFinancial by 429.0% during the 1st quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock worth $499,000 after buying an additional 19,210 shares in the last quarter. Rhumbline Advisers lifted its position in shares of SmartFinancial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 24,147 shares of the bank’s stock worth $572,000 after buying an additional 361 shares during the last quarter. SlateStone Wealth LLC boosted its stake in SmartFinancial by 1.5% in the first quarter. SlateStone Wealth LLC now owns 33,927 shares of the bank’s stock valued at $715,000 after buying an additional 500 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in SmartFinancial by 22.0% in the second quarter. Victory Capital Management Inc. now owns 30,500 shares of the bank’s stock valued at $722,000 after acquiring an additional 5,500 shares during the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

SmartFinancial Stock Down 2.3 %

NASDAQ:SMBK opened at $28.47 on Wednesday. SmartFinancial, Inc. has a one year low of $19.00 and a one year high of $30.21. 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 company has a market cap of $485.70 million, a PE ratio of 18.25 and a beta of 0.69. The firm’s 50 day simple moving average is $28.30 and its 200 day simple moving average is $24.31.

SmartFinancial (NASDAQ:SMBK) last released 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 during the quarter, compared to the consensus estimate of $40.32 million. During the same quarter last year, the firm earned $0.52 earnings per share. On average, research analysts anticipate that SmartFinancial, Inc. will post 1.99 earnings per share for the current year.

SmartFinancial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.12%. SmartFinancial’s dividend payout ratio (DPR) is presently 20.51%.

Wall Street Analysts Forecast Growth

SMBK has been the subject of a number of research reports. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $26.00 to $28.00 in a report on Wednesday, July 24th. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a research report on Tuesday, July 23rd. Finally, 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 research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

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.