SmartFinancial (NASDAQ:SMBK) Upgraded by Zacks Research to Strong-Buy Rating

SmartFinancial (NASDAQ:SMBK) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities research analysts have also issued reports on SMBK. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their price target on SmartFinancial from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Tuesday, November 4th. Finally, Piper Sandler increased their price objective on SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $40.50.

SmartFinancial Stock Up 1.4%

Shares of NASDAQ SMBK opened at $42.47 on Monday. The firm’s 50-day moving average is $38.40 and its two-hundred day moving average is $36.55. The company has a market capitalization of $723.09 million, a PE ratio of 19.84 and a beta of 0.75. SmartFinancial has a 12-month low of $26.31 and a 12-month high of $42.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial announced that its board has initiated a stock repurchase program on Friday, January 30th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 1.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Steven B. Tucker sold 10,625 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was 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 approximately $1,897,231.14. This represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 7.62% of the company’s stock.

Institutional Trading of SmartFinancial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its stake in shares of SmartFinancial by 209.1% during the 4th quarter. State of Alaska Department of Revenue now owns 2,105 shares of the bank’s stock valued at $77,000 after acquiring an additional 1,424 shares during the last quarter. Deprince Race & Zollo Inc. increased its position in SmartFinancial by 14.1% during the fourth quarter. Deprince Race & Zollo Inc. now owns 132,067 shares of the bank’s stock worth $4,885,000 after purchasing an additional 16,367 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in SmartFinancial by 5.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,860 shares of the bank’s stock worth $217,000 after purchasing an additional 321 shares during the last quarter. LeConte Wealth Management LLC boosted 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 valued at $752,000 after purchasing an additional 847 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of SmartFinancial by 801.7% in the 4th quarter. SG Americas Securities LLC now owns 34,607 shares of the bank’s stock valued at $1,280,000 after purchasing an additional 30,769 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Company Profile

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.