SmartFinancial (NASDAQ:SMBK) Sets New 52-Week High – Still a Buy?

SmartFinancial, Inc. (NASDAQ:SMBK) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $46.29 and last traded at $44.4940, with a volume of 99912 shares trading hands. The stock had previously closed at $45.46.

Analysts Set New Price Targets

SMBK has been the subject of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Raymond James Financial reaffirmed a “strong-buy” rating and set a $50.00 price objective on shares of SmartFinancial in a research note on Monday, April 20th. Finally, Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.88.

SmartFinancial Stock Down 2.1%

The firm has a 50-day moving average of $41.86 and a two-hundred day moving average of $40.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $760.76 million, a PE ratio of 20.79 and a beta of 0.72.

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 paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.8%. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, May 15th. SmartFinancial’s payout ratio is 11.54%.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Director Victor Lynn Barrett bought 3,000 shares of the business’s stock in a transaction 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 purchase, the director directly owned 151,724 shares in the company, valued at $6,642,476.72. The trade was a 2.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cathy G. Ackermann bought 3,000 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were acquired at an average cost of $42.12 per share, with a total value of $126,360.00. Following the purchase, the director owned 19,831 shares of the company’s stock, valued at $835,281.72. The trade was a 17.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 6,290 shares of company stock valued at $269,677. 6.93% of the stock is owned by insiders.

Hedge Funds Weigh In On SmartFinancial

Several large investors have recently made changes to their positions in SMBK. First Eagle Investment Management LLC lifted its holdings in shares of SmartFinancial by 375.5% in the 4th quarter. First Eagle Investment Management LLC now owns 152,167 shares of the bank’s stock worth $5,629,000 after acquiring an additional 120,167 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of SmartFinancial by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 728,151 shares of the bank’s stock worth $26,934,000 after acquiring an additional 80,639 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SmartFinancial by 55.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 163,240 shares of the bank’s stock worth $6,038,000 after acquiring an additional 58,560 shares during the last quarter. Algebris UK Ltd. acquired a new position in shares of SmartFinancial in the 4th quarter worth approximately $2,158,000. Finally, North Reef Capital Management LP lifted its holdings in shares of SmartFinancial by 59.5% in the 4th quarter. North Reef Capital Management LP now owns 134,871 shares of the bank’s stock worth $4,989,000 after acquiring an additional 50,301 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.