SmartFinancial, Inc. (NASDAQ:SMBK) Given Average Rating of “Moderate Buy” by Analysts

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) have received an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $40.50.

SMBK has been the subject of a number of research analyst reports. Hovde Group upgraded SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Thursday, January 22nd. Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th.

Insider Buying and Selling at SmartFinancial

In other SmartFinancial news, Chairman Wesley Miller Welborn acquired 835 shares of SmartFinancial stock in a transaction dated Monday, February 9th. The stock was bought at an average price of $43.13 per share, for a total transaction of $36,013.55. Following the transaction, the chairman owned 96,468 shares in the company, valued at approximately $4,160,664.84. This trade represents a 0.87% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.62% of the company’s stock.

Institutional Trading of SmartFinancial

A number of large investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC bought a new position in shares of SmartFinancial in the third quarter valued at $1,143,000. North Reef Capital Management LP boosted its stake in shares of SmartFinancial by 83.4% during the 3rd quarter. North Reef Capital Management LP now owns 84,570 shares of the bank’s stock worth $3,022,000 after acquiring an additional 38,466 shares in the last quarter. R Squared Ltd bought a new stake in shares of SmartFinancial during the 3rd quarter worth $601,000. Harbor Capital Advisors Inc. grew its holdings in shares of SmartFinancial by 5.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock worth $217,000 after acquiring an additional 321 shares during the last quarter. Finally, LeConte Wealth Management LLC grew its holdings in shares of SmartFinancial by 4.3% in the 4th quarter. LeConte Wealth Management LLC now owns 20,322 shares of the bank’s stock worth $752,000 after acquiring an additional 847 shares during the last quarter. 58.78% of the stock is currently owned by institutional investors.

SmartFinancial Trading Down 0.4%

Shares of NASDAQ:SMBK opened at $38.36 on Thursday. The company has a 50 day moving average of $39.99 and a 200-day moving average of $37.70. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The firm has a market cap of $655.79 million, a P/E ratio of 17.92 and a beta of 0.77. SmartFinancial has a twelve month low of $26.31 and a twelve month high of $43.90.

SmartFinancial announced that its Board of Directors has authorized a share buyback plan on Friday, January 30th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the bank to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

SmartFinancial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a $0.08 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.32 annualized dividend and a yield of 0.8%. SmartFinancial’s payout ratio is 10.74%.

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.