SmartFinancial (NASDAQ:SMBK) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

SmartFinancial (NASDAQ:SMBK) posted its quarterly earnings data on Monday. The bank reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05, Yahoo Finance reports. The firm had revenue of $73.10 million for the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same period in the prior year, the firm posted $0.43 EPS.

SmartFinancial Stock Performance

SMBK traded up $1.06 during trading on Wednesday, reaching $32.11. 108,532 shares of the company were exchanged, compared to its average volume of 45,570. SmartFinancial has a 52 week low of $19.00 and a 52 week high of $32.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $28.97 and a 200 day moving average of $25.32. The stock has a market cap of $547.89 million, a P/E ratio of 20.32 and a beta of 0.69.

SmartFinancial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. SmartFinancial’s dividend payout ratio is currently 20.51%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SMBK shares. Piper Sandler downgraded SmartFinancial from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $26.00 to $28.00 in a research note on Wednesday, July 24th. Raymond James lifted their target price on SmartFinancial from $32.00 to $36.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Hovde Group upped their price target on SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Stephens restated an “overweight” rating and set a $27.00 price objective on shares of SmartFinancial in a research note on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, SmartFinancial has an average rating of “Moderate Buy” and a consensus target price of $29.50.

About SmartFinancial

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.