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

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high on Monday . The stock traded as high as $51.39 and last traded at $51.10, with a volume of 4013 shares changing hands. The stock had previously closed at $50.01.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SMBK shares. Benchmark boosted their price target on SmartFinancial from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday. Keefe, Bruyette & Woods increased their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the stock a “market perform” rating in a research note on Thursday. Raymond James Financial reissued a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a research report on Wednesday. Finally, Stephens upped their price target on SmartFinancial from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SmartFinancial presently has a consensus rating of “Moderate Buy” and an average price target of $49.75.

SmartFinancial Stock Up 0.7%

The company has a market capitalization of $861.48 million, a PE ratio of 23.54 and a beta of 0.70. 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 company’s 50-day moving average is $44.94 and its 200 day moving average is $41.91.

SmartFinancial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.09 per share. The ex-dividend date is Friday, July 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. SmartFinancial’s dividend payout ratio is presently 10.62%.

Insider Buying and Selling

In other news, Director Victor Lynn Barrett purchased 3,000 shares of SmartFinancial stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average price of $43.78 per share, with a total value of $131,340.00. Following the completion of the transaction, the director directly owned 151,724 shares of the company’s stock, valued at approximately $6,642,476.72. The trade was a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cathy G. Ackermann acquired 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $42.12 per share, with a total value of $126,360.00. Following the completion of the acquisition, the director owned 19,831 shares in the company, valued at $835,281.72. The trade was a 17.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 6,290 shares of company stock worth $269,677. Corporate insiders own 6.93% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

Several institutional investors have recently modified their holdings of SMBK. Kemnay Advisory Services Inc. purchased a new position in SmartFinancial in the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its holdings in shares of SmartFinancial by 46.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock valued at $51,000 after acquiring an additional 472 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of SmartFinancial by 173.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock valued at $64,000 after acquiring an additional 1,202 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of SmartFinancial by 209.1% in the fourth quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock worth $77,000 after acquiring an additional 1,424 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of SmartFinancial by 13.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock worth $106,000 after acquiring an additional 316 shares during the period. 58.78% of the stock is owned by hedge funds and other institutional investors.

SmartFinancial Company Profile

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.