SmartFinancial (NASDAQ:SMBK) Price Target Raised to $50.00

Key Points

• Keefe, Bruyette & Woods raised SmartFinancial’s price target from $46 to $50 while keeping a market perform rating, implying modest upside from current levels.
• Other analysts are more bullish: Benchmark lifted its target to $56 with a buy rating, and Raymond James reiterated a strong-buy with a $58 target. Overall, MarketBeat data shows a Moderate Buy consensus and an average target of $50.30.
• SmartFinancial shares were trading around $48.40, near their 1-year high of $49.66, while insiders recently bought stock and hedge funds remain heavily invested, owning 58.78% of the company.

SmartFinancial (NASDAQ:SMBK - Get Free Report) had its price target increased by stock analysts at Keefe, Bruyette & Woods from $46.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 3.31% from the stock's current price.

Several other research firms have also commented on SMBK. Benchmark increased their price target on shares of SmartFinancial from $54.00 to $56.00 and gave the company a "buy" rating in a research report on Wednesday. Raymond James Financial reiterated a "strong-buy" rating and set a $58.00 price objective on shares of SmartFinancial in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.30.

SmartFinancial Trading Down 0.4%

Shares of NASDAQ SMBK opened at $48.40 on Thursday. SmartFinancial has a 1-year low of $32.63 and a 1-year high of $49.66. The business has a fifty day moving average price of $44.58 and a 200 day moving average price of $41.73. The stock has a market capitalization of $827.53 million, a P/E ratio of 22.62 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

Insider Buying and Selling

In other SmartFinancial news, Director Victor Lynn Barrett acquired 3,000 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was acquired at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the purchase, the director owned 151,724 shares in the company, valued at approximately $6,642,476.72. The trade was a 2.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cathy G. Ackermann acquired 3,000 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $42.12 per share, for a total transaction of $126,360.00. Following the completion of the acquisition, the director directly owned 19,831 shares in the company, valued at approximately $835,281.72. The trade was a 17.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 6,290 shares of company stock valued at $269,677 over the last three months. 6.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SmartFinancial

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of SmartFinancial by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 846,978 shares of the bank's stock valued at $30,263,000 after buying an additional 26,373 shares during the period. Dimensional Fund Advisors LP grew its holdings in SmartFinancial by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 838,797 shares of the bank's stock worth $31,027,000 after acquiring an additional 2,268 shares during the period. Wellington Management Group LLP raised its position in SmartFinancial by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 728,151 shares of the bank's stock valued at $26,934,000 after acquiring an additional 80,639 shares in the last quarter. Renaissance Technologies LLC raised its position in SmartFinancial by 3.2% during the fourth quarter. Renaissance Technologies LLC now owns 178,374 shares of the bank's stock valued at $6,598,000 after acquiring an additional 5,500 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in SmartFinancial by 55.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank's stock valued at $6,038,000 after acquiring an additional 58,560 shares during the period. 58.78% of the stock is owned by hedge funds and other institutional investors.

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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