SmartFinancial (NASDAQ:SMBK) Lowered to Equal Weight Rating by Stephens

SmartFinancial (NASDAQ:SMBK) was downgraded by equities researchers at Stephens from an “overweight” rating to an “equal weight” rating in a report released on Monday,Briefing.com Automated Import reports.

A number of other equities research analysts have also recently commented on the stock. Hovde Group increased their target price on shares of SmartFinancial from $28.00 to $32.50 and gave the company a “market perform” rating in a research report on Wednesday, October 23rd. Raymond James increased their price objective on shares of SmartFinancial from $32.00 to $36.00 and gave the company a “strong-buy” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $29.50.

SmartFinancial Price Performance

Shares of NASDAQ SMBK traded down $0.05 during trading on Monday, hitting $35.60. The company had a trading volume of 4,698 shares, compared to its average volume of 46,881. The firm has a market capitalization of $602.71 million, a price-to-earnings ratio of 18.35 and a beta of 0.68. The stock has a fifty day simple moving average of $33.20 and a two-hundred day simple moving average of $28.54. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. SmartFinancial has a fifty-two week low of $19.00 and a fifty-two week high of $37.72.

SmartFinancial (NASDAQ:SMBK) last announced its earnings results on Monday, October 21st. The bank reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05. SmartFinancial had a return on equity of 6.81% and a net margin of 11.88%. The business had revenue of $73.10 million during the quarter, compared to analysts’ expectations of $42.32 million. During the same quarter in the prior year, the firm earned $0.43 earnings per share. On average, research analysts expect that SmartFinancial will post 2.02 earnings per share for the current year.

Hedge Funds Weigh In On SmartFinancial

Several large investors have recently modified their holdings of SMBK. Stieven Capital Advisors L.P. purchased a new position in shares of SmartFinancial during the 3rd quarter worth approximately $4,491,000. Wellington Management Group LLP boosted its holdings in SmartFinancial by 69.0% during the 3rd quarter. Wellington Management Group LLP now owns 340,418 shares of the bank’s stock valued at $9,920,000 after acquiring an additional 139,009 shares during the period. Mendon Capital Advisors Corp grew its position in SmartFinancial by 5,760.9% in the 2nd quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock valued at $1,586,000 after acquiring an additional 65,847 shares in the last quarter. Acadian Asset Management LLC increased its stake in SmartFinancial by 320.7% during the second quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock worth $1,289,000 after purchasing an additional 41,602 shares during the period. Finally, Foundry Partners LLC lifted its position in shares of SmartFinancial by 23.9% during the third quarter. Foundry Partners LLC now owns 184,555 shares of the bank’s stock worth $5,378,000 after purchasing an additional 35,565 shares in 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.