SmartFinancial (NASDAQ:SMBK) Price Target Cut to $23.00

SmartFinancial (NASDAQ:SMBK) had its price objective dropped by Hovde Group from $26.00 to $23.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm presently has a “market perform” rating on the bank’s stock. Hovde Group’s price target would indicate a potential upside of 10.36% from the company’s previous close.

SMBK has been the topic of a number of other reports. StockNews.com raised SmartFinancial from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Piper Sandler raised SmartFinancial from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $25.00 to $26.00 in a research note on Wednesday. Stephens reissued an “overweight” rating and issued a $26.00 target price on shares of SmartFinancial in a research note on Tuesday. Keefe, Bruyette & Woods raised their target price on SmartFinancial from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 24th. Finally, Raymond James raised their target price on SmartFinancial from $24.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.40.

SmartFinancial Stock Up 0.3 %

Shares of NASDAQ:SMBK opened at $20.84 on Wednesday. The stock’s 50-day moving average price is $20.78 and its 200-day moving average price is $21.92. SmartFinancial has a 12-month low of $18.86 and a 12-month high of $25.98. The stock has a market capitalization of $355.53 million, a P/E ratio of 13.36 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings data on Monday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). SmartFinancial had a net margin of 10.65% and a return on equity of 6.94%. The company had revenue of $65.07 million for the quarter, compared to the consensus estimate of $39.14 million. During the same period last year, the business posted $0.76 earnings per share. On average, equities analysts anticipate that SmartFinancial will post 1.91 earnings per share for the current year.

Insider Buying and Selling

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of SmartFinancial stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total transaction of $51,782.22. Following the sale, the executive vice president now directly owns 19,091 shares of the company’s stock, valued at approximately $412,938.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 7.80% of the stock is owned by insiders.

Institutional Trading of SmartFinancial

Several large investors have recently bought and sold shares of the company. Mendon Capital Advisors Corp bought a new stake in SmartFinancial during the 4th quarter valued at approximately $1,872,000. 1492 Capital Management LLC bought a new stake in SmartFinancial during the 4th quarter valued at approximately $242,000. Victory Capital Management Inc. boosted its position in SmartFinancial by 11.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,300 shares of the bank’s stock valued at $571,000 after acquiring an additional 2,350 shares in the last quarter. Russell Investments Group Ltd. boosted its position in SmartFinancial by 48.6% during the 4th quarter. Russell Investments Group Ltd. now owns 105,382 shares of the bank’s stock valued at $2,581,000 after acquiring an additional 34,488 shares in the last quarter. Finally, SlateStone Wealth LLC boosted its position in SmartFinancial by 54.2% during the 4th quarter. SlateStone Wealth LLC now owns 33,427 shares of the bank’s stock valued at $819,000 after acquiring an additional 11,750 shares in the last quarter. 58.78% of the stock is 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.