SmartFinancial (NASDAQ:SMBK) Hits New 52-Week High – Still a Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $40.45 and last traded at $40.36, with a volume of 126296 shares traded. The stock had previously closed at $39.00.

Analysts Set New Price Targets

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

SmartFinancial Stock Up 3.5%

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day simple moving average is $37.52 and its two-hundred day simple moving average is $36.26. The company has a market capitalization of $687.25 million, a price-to-earnings ratio of 18.86 and a beta of 0.75.

SmartFinancial Announces Dividend

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

Insider Activity

In related news, Director Steven B. Tucker sold 10,625 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total transaction of $403,856.25. Following the completion of the transaction, the director owned 49,914 shares in the company, valued at $1,897,231.14. The trade was a 17.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.62% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

Hedge funds have recently added to or reduced their stakes in the stock. Tripletail Wealth Management LLC bought a new stake in SmartFinancial in the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC raised its holdings 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 valued at $51,000 after buying an additional 472 shares during the last quarter. Tower Research Capital LLC TRC boosted its position 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 during the period. PNC Financial Services Group Inc. grew its holdings in SmartFinancial by 24.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock worth $76,000 after buying an additional 438 shares in the last quarter. Finally, CWM LLC grew its holdings in SmartFinancial by 27.7% in the 3rd quarter. CWM LLC now owns 3,160 shares of the bank’s stock worth $113,000 after buying an additional 685 shares in the last quarter. 58.78% of the stock is currently owned by institutional investors.

About SmartFinancial

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.