Hovde Group Raises SmartFinancial (NASDAQ:SMBK) Price Target to $32.50

SmartFinancial (NASDAQ:SMBK) had its price objective upped by Hovde Group from $28.00 to $32.50 in a report issued on Wednesday morning, MarketBeat.com reports. They currently have a market perform rating on the bank’s stock.

SMBK has been the topic of several other reports. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $26.00 to $28.00 in a report on Wednesday, July 24th. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a research note on Tuesday, July 23rd. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SmartFinancial currently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

SmartFinancial Stock Up 3.4 %

SMBK stock opened at $32.11 on Wednesday. The firm has a market capitalization of $547.89 million, a PE ratio of 20.58 and a beta of 0.69. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. SmartFinancial has a twelve month low of $19.00 and a twelve month high of $32.33. The stock’s 50 day moving average is $29.07 and its 200-day moving average is $25.37.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.05. The business had revenue of $73.10 million for the quarter, compared to analysts’ expectations of $42.32 million. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. During the same period last year, the business earned $0.43 EPS. Sell-side analysts expect that SmartFinancial will post 1.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Mendon Capital Advisors Corp boosted its stake in SmartFinancial by 5,760.9% in the 2nd quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock worth $1,586,000 after purchasing an additional 65,847 shares during the period. Foundry Partners LLC boosted its position in shares of SmartFinancial by 41.7% in the first quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock valued at $3,179,000 after acquiring an additional 44,407 shares during the period. Acadian Asset Management LLC grew its stake in SmartFinancial by 320.7% during the second quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock valued at $1,289,000 after acquiring an additional 41,602 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in SmartFinancial by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock worth $16,563,000 after acquiring an additional 35,054 shares during the period. Finally, American Century Companies Inc. lifted its stake in SmartFinancial by 16.9% in the 2nd quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock worth $4,349,000 after purchasing an additional 26,583 shares in the last quarter. 58.78% of the stock is currently owned by hedge funds and other 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.