SmartFinancial, Inc. (NASDAQ:SMBK) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• SmartFinancial has a “Moderate Buy” consensus rating from seven analysts, with an average 12-month price target of $49.75. Recent targets range from $47 to $58, while the stock opened at $52.63.
• Company directors Victor Lynn Barrett and Cathy G. Ackermann each purchased 3,000 shares in June. Insiders collectively own 6.93% of SmartFinancial, while institutional investors hold 58.78%.
• SmartFinancial declared a quarterly dividend of $0.09 per share, payable August 17 to shareholders of record July 31, representing an annualized dividend of $0.36 and a 0.7% yield.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) has received an average recommendation of "Moderate Buy" from the seven research firms that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $49.75.

Several equities analysts recently issued reports on SMBK shares. Raymond James Financial reissued a "strong-buy" rating and set a $58.00 price objective on shares of SmartFinancial in a research note on Wednesday, July 22nd. Benchmark lifted their target price on shares of SmartFinancial from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Stephens boosted their price target on SmartFinancial from $45.00 to $47.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on SmartFinancial from $46.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Director Victor Lynn Barrett bought 3,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the completion of the purchase, the director owned 151,724 shares of the company's stock, valued at $6,642,476.72. This trade represents a 2.02% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cathy G. Ackermann bought 3,000 shares of SmartFinancial stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average price of $42.12 per share, for a total transaction of $126,360.00. Following the completion of the transaction, the director directly owned 19,831 shares of the company's stock, valued at $835,281.72. This trade represents a 17.82% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 6.93% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of SmartFinancial in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its position in SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank's stock worth $51,000 after purchasing an additional 472 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank's stock worth $64,000 after purchasing an additional 1,202 shares during the period. State of Alaska Department of Revenue raised its stake in SmartFinancial by 209.1% during the fourth quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank's stock worth $77,000 after purchasing an additional 1,424 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of SmartFinancial by 13.2% in 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 during the last quarter. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

SmartFinancial Price Performance

SmartFinancial stock opened at $52.63 on Thursday. SmartFinancial has a 12-month low of $33.01 and a 12-month high of $54.14. The stock has a market capitalization of $899.87 million, a P/E ratio of 24.59 and a beta of 0.69. The firm's 50-day moving average is $47.83 and its two-hundred day moving average is $43.16. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial Announces Dividend

The firm 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 $0.09 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. SmartFinancial's payout ratio is currently 10.62%.

About SmartFinancial

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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