SmartFinancial (NASDAQ:SMBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $26.00 target price on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.31% from the stock’s current price.
According to Zacks, “SmartFinancial, Inc. is a bank holding company which provide banking services to individuals and corporate through its subsidiaries SmartBank and Cornerstone Community Bank. It offers deposit products, loan products, e-banking services consisting of online bill payments, smart pay, e-statements, mobile banking as well as debit and credit cards. SmartFinancial, Inc. is based in Knoxville, Tennessee. “
Separately, BidaskClub raised SmartFinancial from a “hold” rating to a “buy” rating in a research note on Tuesday.
SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results on Wednesday, January 31st. The bank reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.15. The firm had revenue of $16.92 million during the quarter, compared to analyst estimates of $14.60 million. SmartFinancial had a return on equity of 6.44% and a net margin of 8.80%. equities research analysts predict that SmartFinancial will post 1.5 earnings per share for the current year.
In related news, Director Steven B. Tucker acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, March 7th. The stock was bought at an average price of $21.91 per share, for a total transaction of $219,100.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James Beaumont Wicks acquired 3,000 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were bought at an average price of $21.85 per share, with a total value of $65,550.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 28,000 shares of company stock valued at $610,150. 13.87% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the company. Northern Trust Corp acquired a new stake in shares of SmartFinancial during the 2nd quarter valued at $1,686,000. Vanguard Group Inc. lifted its position in shares of SmartFinancial by 41.6% during the 2nd quarter. Vanguard Group Inc. now owns 225,156 shares of the bank’s stock valued at $5,377,000 after acquiring an additional 66,143 shares during the last quarter. Eidelman Virant Capital acquired a new stake in shares of SmartFinancial during the 4th quarter valued at $954,000. Salzhauer Michael acquired a new stake in shares of SmartFinancial during the 3rd quarter valued at $401,000. Finally, Wasatch Advisors Inc. lifted its position in shares of SmartFinancial by 8.7% during the 4th quarter. Wasatch Advisors Inc. now owns 124,330 shares of the bank’s stock valued at $2,698,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors own 31.30% of the company’s stock.
SmartFinancial Company Profile
SmartFinancial, Inc, formerly Cornerstone Bancshares, Inc, is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans.
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