SmartFinancial (NASDAQ:SMBK) Price Target Cut to $23.00 by Analysts at Hovde Group

SmartFinancial (NASDAQ:SMBK) had its target price reduced by Hovde Group from $26.00 to $23.00 in a research report report published on Wednesday morning, Marketbeat reports. They currently have a market perform rating on the bank’s stock.

Several other research firms have also recently weighed in on SMBK. Raymond James boosted their price target on SmartFinancial from $24.00 to $28.00 and gave the stock a strong-buy rating in a report on Friday, January 5th. Keefe, Bruyette & Woods boosted their price target on SmartFinancial from $25.00 to $26.00 and gave the stock a market perform rating in a report on Wednesday, January 24th. Piper Sandler raised SmartFinancial from a neutral rating to an overweight rating and lifted their price objective for the stock from $25.00 to $26.00 in a research note on Wednesday. StockNews.com raised SmartFinancial from a sell rating to a hold rating in a research note on Tuesday, January 9th. Finally, Stephens reaffirmed an overweight rating and issued a $26.00 price objective on shares of SmartFinancial in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $25.40.

SmartFinancial Stock Performance

NASDAQ:SMBK opened at $20.92 on Wednesday. The stock has a market cap of $356.90 million, a P/E ratio of 10.92 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12. The stock’s 50-day moving average is $20.82 and its 200-day moving average is $21.93. SmartFinancial has a 1-year low of $18.86 and a 1-year high of $25.98.

SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings results on Monday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). The firm had revenue of $65.07 million for the quarter, compared to the consensus estimate of $39.14 million. SmartFinancial had a return on equity of 6.94% and a net margin of 10.65%. During the same quarter last year, the firm posted $0.76 earnings per share. Equities research analysts anticipate that SmartFinancial will post 1.91 earnings per share for the current year.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total value of $51,782.22. Following the transaction, the executive vice president now directly owns 19,091 shares of the company’s stock, valued at $412,938.33. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On SmartFinancial

Several institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank lifted its stake in SmartFinancial by 2.6% in the third quarter. Swiss National Bank now owns 31,747 shares of the bank’s stock valued at $678,000 after buying an additional 800 shares during the period. Equitable Trust Co. raised its position in shares of SmartFinancial by 7.1% during the fourth quarter. Equitable Trust Co. now owns 16,525 shares of the bank’s stock worth $405,000 after purchasing an additional 1,100 shares during the period. SG Americas Securities LLC raised its position in shares of SmartFinancial by 19.8% during the fourth quarter. SG Americas Securities LLC now owns 8,916 shares of the bank’s stock worth $218,000 after purchasing an additional 1,474 shares during the period. Victory Capital Management Inc. raised its position in shares of SmartFinancial by 11.2% during the fourth 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 period. Finally, New York State Common Retirement Fund raised its position in shares of SmartFinancial by 68.0% during the third quarter. New York State Common Retirement Fund now owns 7,430 shares of the bank’s stock worth $159,000 after purchasing an additional 3,008 shares during the period. 58.78% of the stock is owned by institutional investors and hedge funds.

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.