SmartFinancial (NASDAQ:SMBK) Sets New 12-Month High on Strong Earnings

SmartFinancial, Inc. (NASDAQ:SMBK) shares hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $31.50 and last traded at $31.10, with a volume of 891 shares. The stock had previously closed at $30.15.

The bank reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05. The company had revenue of $73.10 million during the quarter, compared to analysts’ expectations of $42.32 million. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. During the same quarter last year, the business posted $0.43 EPS.

SmartFinancial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Friday, August 9th. SmartFinancial’s dividend payout ratio is currently 20.51%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its stake in shares of SmartFinancial by 1.5% during the second quarter. Rhumbline Advisers now owns 24,147 shares of the bank’s stock valued at $572,000 after buying an additional 361 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of SmartFinancial by 1.1% during the second quarter. Renaissance Technologies LLC now owns 140,274 shares of the bank’s stock valued at $3,320,000 after buying an additional 1,500 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of SmartFinancial by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock valued at $2,273,000 after buying an additional 3,810 shares during the last quarter. Empowered Funds LLC grew its stake in SmartFinancial by 7.9% in the first quarter. Empowered Funds LLC now owns 59,437 shares of the bank’s stock worth $1,252,000 after purchasing an additional 4,375 shares in the last quarter. Finally, Deprince Race & Zollo Inc. grew its stake in SmartFinancial by 2.2% in the second quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank’s stock worth $4,747,000 after purchasing an additional 4,412 shares in the last quarter. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

SmartFinancial Stock Performance

The company has a market cap of $529.64 million, a P/E ratio of 19.90 and a beta of 0.69. The firm has a 50 day moving average of $28.97 and a 200-day moving average of $25.32. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12.

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.