Brokerages Set SmartFinancial, Inc. (NASDAQ:SMBK) Price Target at $40.50

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have earned an average rating of “Moderate Buy” from the five ratings firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $45.8750.

SMBK has been the subject of a number of research reports. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price target on SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Tuesday. Zacks Research lowered SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $50.00 price target on shares of SmartFinancial in a research note on Monday.

SmartFinancial Stock Performance

Shares of NASDAQ SMBK opened at $40.95 on Monday. The stock has a fifty day moving average price of $39.99 and a two-hundred day moving average price of $38.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $700.09 million, a P/E ratio of 19.13 and a beta of 0.76. SmartFinancial has a 1 year low of $29.63 and a 1 year high of $43.90.

SmartFinancial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, February 13th. SmartFinancial’s dividend payout ratio (DPR) is presently 10.26%.

SmartFinancial announced that its board has authorized a stock repurchase program on Friday, January 30th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at SmartFinancial

In related news, Chairman Wesley Miller Welborn acquired 835 shares of SmartFinancial stock in a transaction dated Monday, February 9th. The stock was acquired at an average cost of $43.13 per share, with a total value of $36,013.55. Following the purchase, the chairman directly owned 96,468 shares in the company, valued at $4,160,664.84. The trade was a 0.87% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SmartFinancial

Several large investors have recently modified their holdings of SMBK. First Eagle Investment Management LLC boosted its stake in shares of SmartFinancial by 375.5% during the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock worth $5,629,000 after acquiring an additional 120,167 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of SmartFinancial by 12.5% during the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock worth $26,934,000 after acquiring an additional 80,639 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of SmartFinancial by 55.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock worth $6,038,000 after acquiring an additional 58,560 shares in the last quarter. Algebris UK Ltd. bought a new stake in shares of SmartFinancial during the 4th quarter worth $2,158,000. Finally, North Reef Capital Management LP boosted its stake in shares of SmartFinancial by 59.5% during the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock worth $4,989,000 after acquiring an additional 50,301 shares in the last quarter. 58.78% of the stock is owned by institutional investors.

SmartFinancial Company Profile

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.