SmartFinancial (NASDAQ:SMBK) Issues Earnings Results, Beats Expectations By $0.03 EPS

SmartFinancial (NASDAQ:SMBK - Get Free Report) released its quarterly earnings results on Monday. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.03, RTT News reports. SmartFinancial had a net margin of 12.67% and a return on equity of 7.33%. During the same quarter in the prior year, the business earned $0.46 EPS.

SmartFinancial Stock Down 1.1%

Shares of NASDAQ:SMBK traded down $0.40 during trading on Tuesday, reaching $35.67. The stock had a trading volume of 140,765 shares, compared to its average volume of 55,497. SmartFinancial has a one year low of $25.58 and a one year high of $37.72. The company has a market capitalization of $607.10 million, a P/E ratio of 16.67 and a beta of 0.70. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The firm's 50-day simple moving average is $33.11 and its 200 day simple moving average is $32.34.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SMBK. Keefe, Bruyette & Woods cut their price objective on shares of SmartFinancial from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Thursday, April 24th. Stephens restated an "equal weight" rating and issued a $31.00 price target on shares of SmartFinancial in a report on Tuesday, April 22nd. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $33.70.

Institutional Trading of SmartFinancial

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in SmartFinancial by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank's stock worth $295,000 after buying an additional 390 shares during the last quarter. Jane Street Group LLC raised its position in SmartFinancial by 263.2% during the 1st quarter. Jane Street Group LLC now owns 42,385 shares of the bank's stock worth $1,317,000 after buying an additional 30,715 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in 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 buying an additional 31,255 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.