Hovde Group Raises SmartFinancial (NASDAQ:SMBK) Price Target to $41.00

SmartFinancial (NASDAQ:SMBK) had its price objective raised by equities research analysts at Hovde Group from $40.00 to $41.00 in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage presently has a “market perform” rating on the bank’s stock. Hovde Group’s target price indicates a potential upside of 13.21% from the stock’s previous close.

Several other brokerages have also recently commented on SMBK. Keefe, Bruyette & Woods raised their target price on shares of SmartFinancial from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Thursday, July 24th. Zacks Research downgraded shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $44.00 target price (up from $42.00) on shares of SmartFinancial in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, SmartFinancial currently has an average rating of “Hold” and an average target price of $38.50.

SmartFinancial Trading Up 2.9%

Shares of SMBK opened at $36.22 on Thursday. The business’s 50-day moving average price is $35.99 and its 200 day moving average price is $33.54. The stock has a market capitalization of $616.38 million, a P/E ratio of 16.92 and a beta of 0.80. SmartFinancial has a 1-year low of $26.31 and a 1-year high of $37.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results on Monday, July 21st. The bank reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. SmartFinancial had a return on equity of 7.33% and a net margin of 12.67%.During the same period in the previous year, the company posted $0.46 EPS. Analysts expect that SmartFinancial will post 2.45 earnings per share for the current year.

Institutional Trading of SmartFinancial

A number of hedge funds have recently made changes to their positions in the stock. Tripletail Wealth Management LLC acquired a new position in SmartFinancial in the 3rd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after acquiring an additional 472 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of SmartFinancial during the 1st quarter valued at $61,000. Tower Research Capital LLC TRC boosted its position in SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,202 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in SmartFinancial by 19,400.0% during the first quarter. GAMMA Investing LLC now owns 2,145 shares of the bank’s stock valued at $69,000 after purchasing an additional 2,134 shares during the last quarter. 58.78% of the stock is owned by hedge funds and other institutional investors.

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, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.