SmartFinancial (NASDAQ:SMBK) Reaches New 52-Week High - Time to Buy?

Key Points

• SmartFinancial shares reached a new 52-week high, trading as high as $54.14 and last changing hands near $52.91. The stock has a consensus “Moderate Buy” rating, with an average price target of $49.75.
• Analysts recently raised their targets, including Benchmark at $56 and Raymond James at $58, though ratings remain mixed between buy, strong buy and hold.
• SmartFinancial declared a quarterly dividend of $0.09 per share, equivalent to a 0.7% annualized yield. Directors have also recently purchased shares, while institutional investors own 58.78% of the company.

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $54.14 and last traded at $52.9060, with a volume of 29244 shares changing hands. The stock had previously closed at $52.40.

Analysts Set New Price Targets

SMBK has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the company a "market perform" rating in a research report on Thursday, July 23rd. Benchmark increased their price objective on SmartFinancial from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Raymond James Financial restated a "strong-buy" rating and issued a $58.00 target price on shares of SmartFinancial in a report on Wednesday, July 22nd. Finally, Stephens lifted their target price on SmartFinancial from $45.00 to $47.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, SmartFinancial currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.75.

SmartFinancial Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The business's 50-day moving average is $46.07 and its two-hundred day moving average is $42.43. The company has a market capitalization of $907.99 million, a P/E ratio of 24.82 and a beta of 0.70.

SmartFinancial Announces Dividend

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

Insider Buying and Selling

In other SmartFinancial news, Director Victor Lynn Barrett bought 3,000 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were purchased at an average price of $43.78 per share, for a total transaction of $131,340.00. Following the purchase, the director directly owned 151,724 shares of the company's stock, valued at approximately $6,642,476.72. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cathy G. Ackermann bought 3,000 shares of SmartFinancial stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $42.12 per share, with a total value of $126,360.00. Following the completion of the acquisition, the director 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. 6.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SMBK. AQR Capital Management LLC raised its stake in shares of SmartFinancial by 150.9% during the 1st quarter. AQR Capital Management LLC now owns 51,972 shares of the bank's stock worth $1,615,000 after purchasing an additional 31,255 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in SmartFinancial by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank's stock valued at $295,000 after buying an additional 390 shares during the period. Jane Street Group LLC grew its position in SmartFinancial by 263.2% during the first quarter. Jane Street Group LLC now owns 42,385 shares of the bank's stock valued at $1,317,000 after buying an additional 30,715 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in SmartFinancial by 11.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,565 shares of the bank's stock worth $1,573,000 after buying an additional 4,639 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings 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 buying an additional 472 shares during the last quarter. Institutional investors own 58.78% of the company's stock.

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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