SmartFinancial, Inc. (NASDAQ:SMBK) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• SmartFinancial (NASDAQ:SMBK) has a consensus analyst rating of “Moderate Buy” from six brokerages, with an average 12-month price target of $47.50.
• Company insiders have been buying shares recently, including directors Victor Lynn Barrett and Cathy G. Ackermann, with insiders purchasing 6,290 shares over the last 90 days.
• SmartFinancial recently raised its quarterly dividend to $0.09 per share from $0.08, which annualizes to a 0.7% yield.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) has been given an average rating of "Moderate Buy" by the six brokerages that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $47.50.

SMBK has been the subject of a number of analyst reports. Benchmark started coverage on SmartFinancial in a research note on Wednesday, June 24th. They set a "buy" rating and a $54.00 price target for the company. Raymond James Financial reissued a "strong-buy" rating and issued a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Keefe, Bruyette & Woods raised their target price on SmartFinancial from $42.00 to $46.00 and gave the company a "market perform" rating in a report on Tuesday, April 21st.

Insider Buying and Selling at SmartFinancial

In other news, Director Victor Lynn Barrett bought 3,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $43.78 per share, for a total transaction of $131,340.00. Following the completion of the acquisition, the director directly owned 151,724 shares in the company, valued at approximately $6,642,476.72. This trade represents a 2.02% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Cathy G. Ackermann purchased 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average cost 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 represents a 17.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 6,290 shares of company stock worth $269,677. Company insiders own 6.93% of the company's stock.

Institutional Investors Weigh In On SmartFinancial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC grew its stake in SmartFinancial by 375.5% in the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank's stock valued at $5,629,000 after purchasing an additional 120,167 shares during the period. Wellington Management Group LLP raised its stake in shares of SmartFinancial by 12.5% during the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank's stock worth $26,934,000 after purchasing an additional 80,639 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of SmartFinancial by 55.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank's stock worth $6,038,000 after purchasing an additional 58,560 shares during the period. Algebris UK Ltd. purchased a new position in shares of SmartFinancial in the 4th quarter worth about $2,158,000. Finally, North Reef Capital Management LP boosted its holdings in shares of SmartFinancial by 59.5% in the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank's stock worth $4,989,000 after buying 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 Down 1.3%

NASDAQ:SMBK opened at $48.01 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a 50-day moving average of $44.13 and a 200-day moving average of $41.46. The company has a market cap of $820.79 million, a PE ratio of 22.43 and a beta of 0.70. SmartFinancial has a one year low of $32.63 and a one year high of $49.06.

SmartFinancial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Friday, May 15th. This is an increase from SmartFinancial's previous quarterly dividend of $0.08. SmartFinancial's payout ratio is currently 11.54%.

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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