SmartFinancial (NASDAQ:SMBK) Price Target Cut to $23.00 by Analysts at Hovde Group

SmartFinancial (NASDAQ:SMBK) had its price target trimmed by Hovde Group from $26.00 to $23.00 in a report published on Wednesday morning, Marketbeat reports. The firm currently has a market perform rating on the bank’s stock.

SMBK has been the subject of several other research reports. StockNews.com upgraded shares of SmartFinancial from a sell rating to a hold rating in a report on Tuesday, January 9th. Raymond James increased their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the stock a strong-buy rating in a report on Friday, January 5th. Stephens restated an overweight rating and set a $26.00 target price on shares of SmartFinancial in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods increased their target price on shares of SmartFinancial from $25.00 to $26.00 and gave the stock a market perform rating in a report on Wednesday, January 24th. Finally, Piper Sandler upgraded shares of SmartFinancial from a neutral rating to an overweight rating and increased their target price for the stock from $25.00 to $26.00 in a report on Wednesday. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $25.40.

SmartFinancial Stock Down 0.9 %

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

SmartFinancial Dividend Announcement

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

Insiders Place Their Bets

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $21.63, for a total transaction of $51,782.22. Following the sale, the executive vice president now directly owns 19,091 shares of the company’s stock, valued at $412,938.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.80% of the company’s stock.

Institutional Trading of SmartFinancial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its position in SmartFinancial by 68.0% during 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 in the last quarter. SG Americas Securities LLC acquired a new stake in shares of SmartFinancial during the 3rd quarter worth about $159,000. 1492 Capital Management LLC acquired a new stake in shares of SmartFinancial during the 4th quarter worth about $242,000. Bailard Inc. acquired a new stake in shares of SmartFinancial during the 3rd quarter worth about $292,000. Finally, Equitable Trust Co. lifted its stake in shares of SmartFinancial by 7.1% during the 4th quarter. Equitable Trust Co. now owns 16,525 shares of the bank’s stock worth $405,000 after buying an additional 1,100 shares during the last quarter. 58.78% of the stock is 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.