SmartFinancial (NASDAQ:SMBK) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• SmartFinancial shares crossed above their 50-day moving average, reaching $50.82 and last trading at $50.48, compared with a 50-day average of $49.72.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and an average price target of $50.42; Benchmark raised its target to $60, while Raymond James reiterated a “strong-buy” rating with a $58 target.
• SmartFinancial paid a quarterly dividend of $0.09 per share, equal to a 0.7% yield, while insiders own 6.93% of the company and institutional investors hold 58.78%.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report)'s share price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $49.72 and traded as high as $50.82. SmartFinancial shares last traded at $50.48, with a volume of 99,960 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Benchmark boosted their price target on SmartFinancial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, August 18th. Stephens increased their price objective on SmartFinancial from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted 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. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $58.00 target price on shares of SmartFinancial in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.42.

SmartFinancial Stock Performance

The company's 50-day moving average price is $49.72 and its 200 day moving average price is $44.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $863.11 million, a PE ratio of 23.59 and a beta of 0.69.

SmartFinancial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, July 31st were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, July 31st. SmartFinancial's payout ratio is presently 10.62%.

Insider Activity at SmartFinancial

In other news, Director Victor Lynn Barrett bought 3,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was purchased at an average price of $43.78 per share, with a total value 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. The trade was a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cathy G. Ackermann bought 3,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was purchased at an average price of $42.12 per share, with a total value of $126,360.00. Following the purchase, the director owned 19,831 shares in the company, valued at $835,281.72. This trade represents a 17.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SmartFinancial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kemnay Advisory Services Inc. bought a new stake in shares of SmartFinancial in the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio purchased a new position in shares of SmartFinancial in the 2nd quarter worth about $47,000. EverSource Wealth Advisors LLC boosted its stake in SmartFinancial by 46.0% in the 2nd 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 grew its position in SmartFinancial by 173.4% during the 2nd 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, PNC Financial Services Group Inc. increased its stake in SmartFinancial by 13.2% during 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. Hedge funds and other 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.

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