SmartFinancial (NASDAQ:SMBK) PT Raised to $36.00

SmartFinancial (NASDAQ:SMBK) had its price target boosted by stock analysts at Raymond James from $32.00 to $36.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “strong-buy” rating on the bank’s stock. Raymond James’ price objective indicates a potential upside of 12.46% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of SmartFinancial from an “overweight” rating to a “neutral” rating and increased their price target for the company from $26.00 to $28.00 in a report on Wednesday, July 24th. Hovde Group boosted their target price on SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Stephens reissued an “overweight” rating and set a $27.00 price target on shares of SmartFinancial in a research note on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, SmartFinancial currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

SmartFinancial Stock Performance

NASDAQ SMBK traded up $0.96 on Wednesday, reaching $32.01. 23,087 shares of the stock were exchanged, compared to its average volume of 45,153. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. SmartFinancial has a one year low of $19.00 and a one year high of $32.05. The firm has a market capitalization of $546.19 million, a PE ratio of 20.32 and a beta of 0.69. The company’s 50-day simple moving average is $28.97 and its two-hundred day simple moving average is $25.32.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. The business had revenue of $73.10 million during the quarter, compared to analyst estimates of $42.32 million. During the same quarter in the prior year, the business posted $0.43 EPS. Analysts expect that SmartFinancial will post 1.97 EPS for the current fiscal year.

Hedge Funds Weigh In On SmartFinancial

Several hedge funds and other institutional investors have recently bought and sold shares of SMBK. Vanguard Group Inc. grew its position in shares of SmartFinancial by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 789,233 shares of the bank’s stock valued at $16,629,000 after acquiring an additional 19,490 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of SmartFinancial by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock worth $16,563,000 after buying an additional 35,054 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of SmartFinancial by 2.2% in the second quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank’s stock valued at $4,747,000 after buying an additional 4,412 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of SmartFinancial by 16.9% in the second quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock worth $4,349,000 after buying an additional 26,583 shares in the last quarter. Finally, Foundry Partners LLC boosted its position in SmartFinancial by 41.7% during the first quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock worth $3,179,000 after acquiring an additional 44,407 shares during the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

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.