SmartFinancial (NASDAQ:SMBK) PT Raised to $36.00

SmartFinancial (NASDAQ:SMBK) had its price target lifted by Raymond James from $32.00 to $36.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a strong-buy rating on the bank’s stock.

A number of other research firms also recently weighed in on SMBK. Stephens reissued an “overweight” rating and set a $27.00 price target on shares of SmartFinancial in a research report on Tuesday, July 23rd. Hovde Group upped their price objective on shares of SmartFinancial from $28.00 to $32.50 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Piper Sandler downgraded shares of SmartFinancial from an “overweight” rating to a “neutral” rating and upped their price target for the company from $26.00 to $28.00 in a report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

SmartFinancial Stock Performance

Shares of SMBK opened at $31.69 on Wednesday. The company has a market capitalization of $540.73 million, a PE ratio of 20.31 and a beta of 0.69. SmartFinancial has a 52-week low of $19.00 and a 52-week high of $32.40. The company has a 50-day simple moving average of $29.25 and a 200-day simple moving average of $25.49. 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 (NASDAQ:SMBK) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.05. The business had revenue of $73.10 million for the quarter, compared to analyst estimates of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same period in the prior year, the firm posted $0.43 EPS. Equities research analysts predict that SmartFinancial will post 1.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SmartFinancial

A number of large investors have recently added to or reduced their stakes in SMBK. Mendon Capital Advisors Corp lifted its position in SmartFinancial by 5,760.9% in the second 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 lifted its holdings in shares of SmartFinancial by 41.7% during the 1st quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock valued at $3,179,000 after purchasing an additional 44,407 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of SmartFinancial by 320.7% during the 2nd quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock valued at $1,289,000 after purchasing an additional 41,602 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in SmartFinancial by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock valued at $16,563,000 after acquiring an additional 35,054 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of SmartFinancial by 16.9% during 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 during the last quarter. Institutional investors own 58.78% of the company’s stock.

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.