Keefe, Bruyette & Woods Cuts SmartFinancial (NASDAQ:SMBK) Price Target to $24.00

SmartFinancial (NASDAQ:SMBK) had its price objective cut by equities researchers at Keefe, Bruyette & Woods from $26.00 to $24.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 15.16% from the company’s current price.

SMBK has been the topic of a number of other reports. StockNews.com raised shares of SmartFinancial from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. Piper Sandler raised shares of SmartFinancial from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $25.00 to $26.00 in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and set a $26.00 target price on shares of SmartFinancial in a research report on Tuesday. Hovde Group reduced their price target on SmartFinancial from $26.00 to $23.00 and set a “market perform” rating on the stock in a research report on Wednesday. Finally, Raymond James increased their price target on SmartFinancial from $24.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.40.

SmartFinancial Trading Up 0.3 %

NASDAQ SMBK opened at $20.84 on Wednesday. SmartFinancial has a twelve month low of $18.86 and a twelve month high of $25.98. The business’s fifty day moving average is $20.78 and its 200 day moving average is $21.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12. The company has a market cap of $355.53 million, a price-to-earnings ratio of 13.36 and a beta of 0.69.

SmartFinancial (NASDAQ:SMBK) last released its quarterly earnings results on Monday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). The firm had revenue of $65.07 million for the quarter, compared to the consensus estimate of $39.14 million. SmartFinancial had a return on equity of 6.94% and a net margin of 10.65%. During the same quarter last year, the firm posted $0.76 earnings per share. As a group, sell-side analysts expect that SmartFinancial will post 1.91 EPS for the current fiscal year.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total transaction of $51,782.22. Following the completion of the sale, the executive vice president now directly owns 19,091 shares in the company, valued at approximately $412,938.33. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors and hedge funds have recently modified their holdings of SMBK. SG Americas Securities LLC bought a new position in shares of SmartFinancial during the 3rd quarter worth about $159,000. Panagora Asset Management Inc. bought a new position in shares of SmartFinancial during the third quarter valued at about $758,000. Swiss National Bank boosted its stake in shares of SmartFinancial by 2.6% in the 3rd quarter. Swiss National Bank now owns 31,747 shares of the bank’s stock worth $678,000 after buying an additional 800 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of SmartFinancial by 68.0% in the third quarter. New York State Common Retirement Fund now owns 7,430 shares of the bank’s stock valued at $159,000 after acquiring an additional 3,008 shares in the last quarter. Finally, Foundry Partners LLC increased its position in shares of SmartFinancial by 44.9% during the fourth quarter. Foundry Partners LLC now owns 106,463 shares of the bank’s stock valued at $2,607,000 after acquiring an additional 32,968 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors.

About SmartFinancial

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.