SmartFinancial (NASDAQ:SMBK) Hits New 52-Week High – Here’s What Happened

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $48.09 and last traded at $47.8950, with a volume of 63854 shares trading hands. The stock had previously closed at $46.92.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SMBK shares. Raymond James Financial reiterated a “strong-buy” rating and issued a $50.00 price target on shares of SmartFinancial in a report on Monday, April 20th. Benchmark assumed coverage on SmartFinancial in a research report on Wednesday, June 24th. They issued a “buy” rating and a $54.00 target price for the company. Keefe, Bruyette & Woods increased their target price on SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

SmartFinancial Price Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market cap of $822.16 million, a PE ratio of 22.46 and a beta of 0.72. The company’s 50 day moving average is $42.80 and its 200-day moving average is $40.73.

SmartFinancial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. SmartFinancial’s dividend payout ratio is currently 11.54%.

Insider Activity at SmartFinancial

In related news, Director Victor Lynn Barrett acquired 3,000 shares of SmartFinancial stock in a transaction on Wednesday, June 10th. The shares were purchased at an average cost of $43.78 per share, for a total transaction of $131,340.00. Following the purchase, the director directly owned 151,724 shares of the company’s stock, valued at $6,642,476.72. The trade was a 2.02% increase in their position. The purchase was disclosed in a document filed 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 on Thursday, June 4th. The shares were bought at an average cost 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. This represents a 17.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 6,290 shares of company stock valued at $269,677. Company insiders own 6.93% of the company’s stock.

Hedge Funds Weigh In On SmartFinancial

Hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in SmartFinancial by 10.4% in the first quarter. NewEdge Advisors LLC now owns 29,429 shares of the bank’s stock valued at $1,150,000 after buying an additional 2,778 shares during the last quarter. Bank of America Corp DE grew its position in shares of SmartFinancial by 147.6% in the 1st quarter. Bank of America Corp DE now owns 47,443 shares of the bank’s stock worth $1,854,000 after acquiring an additional 28,280 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of SmartFinancial by 90.3% in the 1st quarter. Quantinno Capital Management LP now owns 20,794 shares of the bank’s stock worth $813,000 after acquiring an additional 9,869 shares in the last quarter. North Reef Capital Management LP increased its holdings in shares of SmartFinancial by 1.6% in the 1st quarter. North Reef Capital Management LP now owns 137,088 shares of the bank’s stock valued at $5,357,000 after acquiring an additional 2,217 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of SmartFinancial by 0.6% in the 1st quarter. First Trust Advisors LP now owns 46,590 shares of the bank’s stock valued at $1,821,000 after acquiring an additional 280 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors and hedge funds.

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.