SmartFinancial (NASDAQ:SMBK) Reaches New 12-Month High – Here’s What Happened

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.33 and last traded at $38.1250, with a volume of 66327 shares trading hands. The stock had previously closed at $37.35.

Analyst Ratings Changes

A number of research firms have commented on SMBK. Hovde Group raised their price objective on SmartFinancial from $40.00 to $41.00 and gave the stock a “market perform” rating in a research note on Thursday, October 23rd. Zacks Research lowered SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised their price target on SmartFinancial from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 4th. Finally, Piper Sandler upped their price objective on shares of SmartFinancial from $37.00 to $39.50 and gave the stock a “neutral” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, SmartFinancial presently has an average rating of “Hold” and a consensus target price of $39.10.

SmartFinancial Stock Performance

The stock has a fifty day simple moving average of $35.51 and a two-hundred day simple moving average of $35.01. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $644.94 million, a price-to-earnings ratio of 17.70 and a beta of 0.75.

SmartFinancial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 2nd. Shareholders of record on Monday, November 17th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.32 annualized dividend and a yield of 0.8%. SmartFinancial’s payout ratio is presently 11.68%.

Institutional Investors Weigh In On SmartFinancial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tripletail Wealth Management LLC bought a new position in SmartFinancial in the 3rd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its stake in shares of SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after buying an additional 472 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after buying an additional 1,202 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of SmartFinancial in the 1st quarter valued at $61,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of SmartFinancial by 24.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock valued at $76,000 after acquiring an additional 438 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.