SmartFinancial (NASDAQ:SMBK) Reaches New 1-Year High – Should You Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $48.09 and last traded at $47.8950, with a volume of 63854 shares. The stock had previously closed at $46.92.

Analyst Upgrades and Downgrades

SMBK has been the topic of several research analyst reports. Raymond James Financial restated a “strong-buy” rating and issued a $50.00 price objective on shares of SmartFinancial in a report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price target on shares of SmartFinancial from $42.00 to $46.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. Zacks Research downgraded shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Benchmark began coverage on shares of SmartFinancial in a research note on Wednesday, June 24th. They issued a “buy” rating and a $54.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

SmartFinancial Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50 day moving average price of $43.03 and a two-hundred day moving average price of $40.84. The firm has a market capitalization of $807.44 million, a price-to-earnings ratio of 22.07 and a beta of 0.72.

SmartFinancial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.09 per share. This is a positive change from SmartFinancial’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, May 15th. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. SmartFinancial’s dividend payout ratio (DPR) is 11.54%.

Insider Activity

In other SmartFinancial news, Director Victor Lynn Barrett purchased 3,000 shares of SmartFinancial stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $43.78 per share, with a total value of $131,340.00. Following the completion of the transaction, the director owned 151,724 shares of the company’s stock, valued at $6,642,476.72. This trade represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Cathy G. Ackermann acquired 3,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $42.12 per share, with a total value of $126,360.00. Following the purchase, the director owned 19,831 shares of the company’s stock, valued at approximately $835,281.72. This trade represents a 17.82% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 6,290 shares of company stock valued at $269,677. 6.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMBK. Kemnay Advisory Services Inc. purchased a new position in SmartFinancial in the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of SmartFinancial by 46.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after acquiring an additional 472 shares during the period. Tower Research Capital LLC TRC increased its position in shares of SmartFinancial by 173.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after acquiring an additional 1,202 shares during the period. State of Alaska Department of Revenue raised its stake in shares of SmartFinancial by 209.1% in the fourth 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 in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of SmartFinancial by 13.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,708 shares of the bank’s stock valued at $106,000 after acquiring an additional 316 shares in the last quarter. Institutional investors and hedge funds 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.