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SmartFinancial (NASDAQ:SMBK) Reaches New 1-Year High Following Earnings Beat

SmartFinancial logo with Finance background

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report) shares hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $31.50 and last traded at $31.10, with a volume of 891 shares. The stock had previously closed at $30.15.

The bank reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.05. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. The firm had revenue of $73.10 million during the quarter, compared to the consensus estimate of $42.32 million. During the same period last year, the company earned $0.43 earnings per share.

SmartFinancial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.32 annualized dividend and a dividend yield of 1.03%. SmartFinancial's payout ratio is presently 20.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Hovde Group lifted their price objective on SmartFinancial from $24.00 to $28.00 and gave the stock a "market perform" rating in a report on Wednesday, July 24th. Piper Sandler downgraded SmartFinancial from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $26.00 to $28.00 in a report on Wednesday, July 24th. Finally, Stephens reiterated an "overweight" rating and issued a $27.00 price objective on shares of SmartFinancial in a report on Tuesday, July 23rd. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, SmartFinancial has a consensus rating of "Moderate Buy" and a consensus price target of $27.00.

View Our Latest Analysis on SMBK

Institutional Investors Weigh In On SmartFinancial

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of SmartFinancial by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 789,233 shares of the bank's stock valued at $16,629,000 after buying an additional 19,490 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of SmartFinancial by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank's stock valued at $16,563,000 after buying an additional 35,054 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in shares of SmartFinancial by 2.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 200,565 shares of the bank's stock valued at $4,747,000 after buying an additional 4,412 shares in the last quarter. American Century Companies Inc. lifted 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 valued at $4,349,000 after buying an additional 26,583 shares in the last quarter. Finally, Foundry Partners LLC lifted its position 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 buying an additional 44,407 shares in the last quarter. 58.78% of the stock is currently owned by institutional investors.

SmartFinancial Trading Up 3.0 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $529.64 million, a PE ratio of 19.88 and a beta of 0.69. The stock has a 50-day moving average price of $28.88 and a two-hundred day moving average price of $25.25.

About SmartFinancial

(Get Free Report)

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.

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