SmartFinancial (NASDAQ:SMBK) PT Lowered to $23.00 at Hovde Group

SmartFinancial (NASDAQ:SMBK) had its target price decreased by Hovde Group from $26.00 to $23.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. Hovde Group currently has a market perform rating on the bank’s stock.

Several other research firms have also recently commented on SMBK. Raymond James raised their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a strong-buy rating in a research report on Friday, January 5th. Stephens reiterated an overweight rating and issued a $26.00 price target on shares of SmartFinancial in a research note on Tuesday. Keefe, Bruyette & Woods increased their price target on shares of SmartFinancial from $25.00 to $26.00 and gave the stock a market perform rating in a research note on Wednesday, January 24th. StockNews.com upgraded shares of SmartFinancial from a sell rating to a hold rating in a research note on Tuesday, January 9th. Finally, Piper Sandler upgraded shares of SmartFinancial from a neutral rating to an overweight rating and increased their price target for the stock from $25.00 to $26.00 in a research note on Wednesday. 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 stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $25.40.

SmartFinancial Trading Down 0.9 %

NASDAQ:SMBK opened at $20.66 on Wednesday. The company has a 50-day moving average price of $20.73 and a 200-day moving average price of $21.92. SmartFinancial has a 12 month low of $18.86 and a 12 month high of $25.98. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.12. The stock has a market cap of $352.46 million, a price-to-earnings ratio of 13.24 and a beta of 0.69.

SmartFinancial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.32 dividend on an annualized basis and a yield of 1.55%. SmartFinancial’s dividend payout ratio is currently 20.51%.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.80% of the stock is owned by company insiders.

Institutional Trading of SmartFinancial

A number of institutional investors and hedge funds have recently bought and sold shares of SMBK. SG Americas Securities LLC bought a new stake in SmartFinancial during the 3rd quarter valued at about $159,000. Bailard Inc. bought a new stake in shares of SmartFinancial in the third quarter worth approximately $292,000. Panagora Asset Management Inc. bought a new stake in shares of SmartFinancial in the third quarter worth approximately $758,000. New York State Common Retirement Fund grew its stake 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 worth $159,000 after acquiring an additional 3,008 shares during the period. Finally, Swiss National Bank grew its stake in shares of SmartFinancial by 2.6% in the third quarter. Swiss National Bank now owns 31,747 shares of the bank’s stock worth $678,000 after acquiring an additional 800 shares during the period. 58.78% of the stock is currently owned by institutional investors.

SmartFinancial Company Profile

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.