SmartFinancial Inc (NASDAQ:SMBK) Expected to Post Quarterly Sales of $23.61 Million

Brokerages forecast that SmartFinancial Inc (NASDAQ:SMBK) will post sales of $23.61 million for the current quarter, Zacks reports. Two analysts have provided estimates for SmartFinancial’s earnings. The highest sales estimate is $24.01 million and the lowest is $23.20 million. SmartFinancial posted sales of $20.72 million in the same quarter last year, which suggests a positive year-over-year growth rate of 13.9%. The firm is scheduled to issue its next earnings report after the market closes on Monday, October 21st.

On average, analysts expect that SmartFinancial will report full-year sales of $93.29 million for the current financial year, with estimates ranging from $91.78 million to $94.80 million. For the next fiscal year, analysts anticipate that the company will post sales of $98.90 million, with estimates ranging from $94.73 million to $103.06 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover SmartFinancial.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). SmartFinancial had a return on equity of 7.82% and a net margin of 20.91%. The company had revenue of $29.22 million for the quarter, compared to analysts’ expectations of $23.22 million.

A number of equities research analysts have commented on the company. ValuEngine upgraded SmartFinancial from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Raymond James cut SmartFinancial from an “outperform” rating to a “market perform” rating in a research note on Monday, July 29th. They noted that the move was a valuation call. BidaskClub cut SmartFinancial from a “hold” rating to a “sell” rating in a research note on Wednesday, September 25th. Zacks Investment Research upgraded SmartFinancial from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, DA Davidson reiterated a “neutral” rating on shares of SmartFinancial in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $23.00.

Large investors have recently made changes to their positions in the company. Banc Funds Co. LLC raised its stake in shares of SmartFinancial by 14.7% in the first quarter. Banc Funds Co. LLC now owns 497,956 shares of the bank’s stock worth $9,416,000 after purchasing an additional 64,000 shares during the last quarter. Aptus Capital Advisors LLC purchased a new position in shares of SmartFinancial in the second quarter worth about $325,000. Steward Partners Investment Advisory LLC purchased a new position in shares of SmartFinancial in the second quarter worth about $26,000. Private Capital Management LLC raised its stake in shares of SmartFinancial by 74.3% in the first quarter. Private Capital Management LLC now owns 341,329 shares of the bank’s stock worth $6,455,000 after purchasing an additional 145,465 shares during the last quarter. Finally, Wasatch Advisors Inc. raised its stake in shares of SmartFinancial by 18.4% in the second quarter. Wasatch Advisors Inc. now owns 225,556 shares of the bank’s stock worth $4,892,000 after purchasing an additional 35,048 shares during the last quarter. Hedge funds and other institutional investors own 40.35% of the company’s stock.

SmartFinancial stock traded up $0.16 during midday trading on Friday, reaching $20.58. The company’s stock had a trading volume of 885 shares, compared to its average volume of 35,200. The stock’s 50-day simple moving average is $20.46 and its 200-day simple moving average is $20.78. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.00 and a quick ratio of 1.00. SmartFinancial has a 52-week low of $16.17 and a 52-week high of $23.91. The stock has a market capitalization of $290.30 million, a P/E ratio of 13.35 and a beta of 0.71.

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, Florida, and Georgia. The company offers various deposit products, including interest bearing and non-interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.

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Earnings History and Estimates for SmartFinancial (NASDAQ:SMBK)

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