SmartFinancial (NASDAQ:SMBK) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of SmartFinancial (NASDAQ:SMBK) from a strong-buy rating to a hold rating in a report released on Thursday,Zacks.com reports.

Separately, Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

SmartFinancial Stock Performance

NASDAQ SMBK traded down $0.56 on Thursday, hitting $38.31. The stock had a trading volume of 88,502 shares, compared to its average volume of 75,630. The company’s 50-day moving average is $39.79 and its two-hundred day moving average is $37.54. SmartFinancial has a one year low of $26.31 and a one year high of $43.90. The stock has a market cap of $652.34 million, a price-to-earnings ratio of 17.90 and a beta of 0.77. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th 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 Friday, February 13th. SmartFinancial’s payout ratio is 10.74%.

SmartFinancial declared that its board has approved a share buyback plan on Friday, January 30th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 1.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other SmartFinancial news, Director Steven B. Tucker sold 10,625 shares of the stock in a transaction 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 directly owned 49,914 shares of the company’s stock, valued at approximately $1,897,231.14. This trade represents a 17.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Wesley Miller Welborn purchased 835 shares of the stock in a transaction dated Monday, February 9th. The shares were purchased at an average price of $43.13 per share, for a total transaction of $36,013.55. Following the completion of the transaction, the chairman owned 96,468 shares in the company, valued at $4,160,664.84. This trade represents a 0.87% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 7.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMBK. Kemnay Advisory Services Inc. acquired a new stake in SmartFinancial in the 4th quarter valued at about $25,000. Tripletail Wealth Management LLC acquired a new position in shares of SmartFinancial in the 3rd quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its holdings in shares of SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,202 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in SmartFinancial by 24.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,243 shares of the bank’s stock valued at $76,000 after purchasing an additional 438 shares during the last quarter. 58.78% of the stock is owned by institutional investors and hedge funds.

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.