SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High – Here’s Why

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high on Wednesday . The stock traded as high as $46.50 and last traded at $46.4580, with a volume of 6360 shares changing hands. The stock had previously closed at $44.84.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Keefe, Bruyette & Woods lifted their target price on shares of SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a report on Tuesday, April 21st. Raymond James Financial reiterated a “strong-buy” rating and issued a $50.00 target price on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Benchmark started coverage on shares of SmartFinancial in a report on Wednesday. They set a “buy” rating and a $54.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

SmartFinancial Stock Performance

The company has a market capitalization of $799.64 million, a price-to-earnings ratio of 21.85 and a beta of 0.72. The firm has a fifty day simple moving average of $42.48 and a 200 day simple moving average of $40.52. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. This is an increase from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s dividend payout ratio is 11.54%.

Insider Buying and Selling at SmartFinancial

In related news, Director Cathy G. Ackermann acquired 3,000 shares of SmartFinancial stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $42.12 per share, for a total transaction of $126,360.00. Following the completion of the transaction, the director owned 19,831 shares of the company’s stock, valued at approximately $835,281.72. The trade was a 17.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Victor Lynn Barrett bought 3,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $43.78 per share, for a total transaction of $131,340.00. Following the transaction, the director owned 151,724 shares of the company’s stock, valued at approximately $6,642,476.72. This trade represents a 2.02% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 6,290 shares of company stock valued at $269,677. 6.93% of the stock is owned by insiders.

Institutional Investors Weigh In On SmartFinancial

Several large investors have recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in shares of SmartFinancial in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after purchasing an additional 1,202 shares in the last quarter. State of Alaska Department of Revenue raised its stake in SmartFinancial by 209.1% in the 4th quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock valued at $77,000 after purchasing an additional 1,424 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in SmartFinancial by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after purchasing an additional 316 shares in the last quarter. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

About SmartFinancial

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.