SmartFinancial (NASDAQ:SMBK) to Buyback $10.00 million in Outstanding Stock

SmartFinancial (NASDAQ:SMBK) declared that its Board of Directors has initiated a share buyback program on Friday, January 30th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 1.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

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

SmartFinancial Trading Up 1.1%

NASDAQ:SMBK opened at $40.02 on Friday. The stock has a market cap of $681.46 million, a price-to-earnings ratio of 18.70 and a beta of 0.75. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. SmartFinancial has a 1 year low of $26.31 and a 1 year high of $42.96. The business has a fifty day moving average of $38.15 and a 200-day moving average of $36.45.

Insider Buying and Selling at SmartFinancial

In other news, Director Steven B. Tucker sold 10,625 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were 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 $1,897,231.14. This trade represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.