SmartFinancial (NASDAQ:SMBK) Reaches New 1-Year High - Still a Buy?

SmartFinancial, Inc. (NASDAQ:SMBK - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $32.64 and last traded at $32.64, with a volume of 9072 shares changing hands. The stock had previously closed at $31.69.

Analyst Ratings Changes

A number of brokerages recently commented on SMBK. Piper Sandler downgraded shares of SmartFinancial from an "overweight" rating to a "neutral" rating and increased their price target for the company from $26.00 to $28.00 in a report on Wednesday, July 24th. Hovde Group increased their price target on shares of SmartFinancial from $28.00 to $32.50 and gave the company a "market perform" rating in a report on Wednesday, October 23rd. Stephens reaffirmed an "overweight" rating and issued a $27.00 price target on shares of SmartFinancial in a report on Tuesday, July 23rd. Finally, Raymond James increased their price target on shares of SmartFinancial from $32.00 to $36.00 and gave the company a "strong-buy" rating in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $29.50.

SmartFinancial Trading Up 4.3 %

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a market cap of $564.10 million, a P/E ratio of 21.15 and a beta of 0.69. The company's 50 day simple moving average is $29.25 and its 200-day simple moving average is $25.57.

SmartFinancial (NASDAQ:SMBK - Get Free Report) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.05. The business had revenue of $73.10 million during the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same quarter last year, the firm earned $0.43 earnings per share. As a group, research analysts predict that SmartFinancial, Inc. will post 1.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors have recently modified their holdings of SMBK. BNP Paribas Financial Markets increased its position in shares of SmartFinancial by 429.0% during the first quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank's stock worth $499,000 after acquiring an additional 19,210 shares during the period. Empowered Funds LLC increased its position in shares of SmartFinancial by 7.9% during the first quarter. Empowered Funds LLC now owns 59,437 shares of the bank's stock worth $1,252,000 after acquiring an additional 4,375 shares during the period. Russell Investments Group Ltd. increased its position in shares of SmartFinancial by 23.7% during the first quarter. Russell Investments Group Ltd. now owns 130,361 shares of the bank's stock worth $2,747,000 after acquiring an additional 24,979 shares during the period. Foundry Partners LLC increased its position in shares of SmartFinancial by 41.7% during the first quarter. Foundry Partners LLC now owns 150,870 shares of the bank's stock worth $3,179,000 after acquiring an additional 44,407 shares during the period. Finally, Vanguard Group Inc. increased its holdings in SmartFinancial by 2.5% during the first 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 during the period. 58.78% of the stock is owned by hedge funds and other 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.

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