Brokerages Set SmartFinancial, Inc. (NASDAQ:SMBK) Target Price at $47.50

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have been given an average rating of “Moderate Buy” by the seven brokerages that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $49.75.

SMBK has been the subject of several research reports. Stephens lifted their price target on shares of SmartFinancial from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday. Benchmark upped their price objective on shares of SmartFinancial from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $58.00 price objective on shares of SmartFinancial in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of SmartFinancial from $46.00 to $50.00 and gave the company a “market perform” rating in a report on Thursday.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. First Eagle Investment Management LLC lifted its stake in SmartFinancial by 375.5% during the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 120,167 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of SmartFinancial by 12.5% in 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. grew its stake in shares of SmartFinancial by 55.9% in 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. purchased a new stake in shares of SmartFinancial in the fourth quarter valued at about $2,158,000. Finally, North Reef Capital Management LP raised its holdings in shares of SmartFinancial by 59.5% in the fourth quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock valued at $4,989,000 after purchasing an additional 50,301 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Trading Up 0.9%

NASDAQ SMBK opened at $48.92 on Friday. 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 has a 52 week low of $32.63 and a 52 week high of $49.66. The business has a 50 day moving average price of $44.74 and a 200-day moving average price of $41.82. The company has a market cap of $836.45 million, a price-to-earnings ratio of 22.86 and a beta of 0.70.

SmartFinancial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, July 31st will be issued a $0.09 dividend. 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 is currently 11.54%.

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.