Share Repurchase Program Authorized by SmartFinancial (NASDAQ:SMBK) Board

SmartFinancial (NASDAQ:SMBK) declared that its board has approved a share buyback plan on Friday, January 30th, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization permits the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

SmartFinancial Stock Performance

NASDAQ SMBK opened at $40.02 on Friday. 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 business’s 50 day moving average price is $38.15 and its 200-day moving average price is $36.46. SmartFinancial has a fifty-two week low of $26.31 and a fifty-two week high of $42.96. The company has a market cap of $681.46 million, a P/E ratio of 18.70 and a beta of 0.75.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SMBK shares. Piper Sandler lifted their target price on shares of SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods lifted their price target on shares of SmartFinancial from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 4th. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, January 22nd. Finally, Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, SmartFinancial presently has an average rating of “Moderate Buy” and an average price target of $40.50.

Insider Activity at SmartFinancial

In related news, Director Steven B. Tucker sold 10,625 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total value of $403,856.25. Following the completion of the transaction, the director directly owned 49,914 shares in the company, valued at approximately $1,897,231.14. This represents a 17.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.62% of the company’s stock.

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.