SmartFinancial (NASDAQ:SMBK) Reaches New 1-Year High – Still a Buy?

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $51.39 and last traded at $51.10, with a volume of 4013 shares traded. The stock had previously closed at $50.01.

Analyst Ratings Changes

SMBK has been the topic of a number of research analyst reports. Stephens raised their target price on shares of SmartFinancial from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a research note on Wednesday, July 22nd. Benchmark raised their price objective on SmartFinancial from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on SmartFinancial from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.75.

SmartFinancial Trading Up 3.7%

The company has a market cap of $909.36 million, a P/E ratio of 24.85 and a beta of 0.70. The firm’s 50 day moving average is $45.41 and its two-hundred day moving average is $42.12. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, July 31st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, July 31st. SmartFinancial’s dividend payout ratio (DPR) is 10.62%.

Insider Transactions at SmartFinancial

In related news, Director Victor Lynn Barrett bought 3,000 shares of SmartFinancial stock in a transaction that occurred on Wednesday, June 10th. The shares were acquired at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the completion of the acquisition, the director directly owned 151,724 shares of the company’s stock, valued at approximately $6,642,476.72. The trade was a 2.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Cathy G. Ackermann purchased 3,000 shares of the stock in a transaction on Thursday, June 4th. The shares were purchased at an average price of $42.12 per share, with a total value of $126,360.00. Following the acquisition, the director owned 19,831 shares in the company, valued at approximately $835,281.72. The trade was a 17.82% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 6,290 shares of company stock valued at $269,677 over the last 90 days. 6.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SmartFinancial

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in shares of SmartFinancial by 801.7% during the 4th quarter. SG Americas Securities LLC now owns 34,607 shares of the bank’s stock worth $1,280,000 after buying an additional 30,769 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in shares of SmartFinancial by 14.1% in the 4th quarter. Deprince Race & Zollo Inc. now owns 132,067 shares of the bank’s stock valued at $4,885,000 after acquiring an additional 16,367 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of SmartFinancial in the 3rd quarter valued at $724,000. Hsbc Holdings PLC increased its stake in shares of SmartFinancial by 176.1% in the 4th quarter. Hsbc Holdings PLC now owns 22,325 shares of the bank’s stock valued at $825,000 after acquiring an additional 14,240 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of SmartFinancial during the 1st quarter valued at $792,000. Institutional investors own 58.78% of the company’s stock.

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.