Foundry Partners LLC raised its position in SmartFinancial, Inc. (NASDAQ:SMBK - Free Report) by 23.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 184,555 shares of the bank's stock after buying an additional 35,565 shares during the quarter. Foundry Partners LLC owned approximately 1.09% of SmartFinancial worth $5,378,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Huntington National Bank increased its holdings in shares of SmartFinancial by 5,269.2% in the third quarter. Huntington National Bank now owns 1,396 shares of the bank's stock valued at $41,000 after purchasing an additional 1,370 shares during the period. SG Americas Securities LLC purchased a new position in SmartFinancial during the 3rd quarter worth $161,000. CAP Partners LLC acquired a new stake in shares of SmartFinancial in the 3rd quarter worth $230,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of SmartFinancial in the third quarter valued at about $334,000. Finally, Acadian Asset Management LLC acquired a new position in shares of SmartFinancial during the first quarter worth about $271,000. 58.78% of the stock is currently owned by hedge funds and other institutional investors.
SmartFinancial Price Performance
SmartFinancial stock traded up $0.45 during trading hours on Friday, hitting $36.50. The stock had a trading volume of 38,835 shares, compared to its average volume of 47,308. SmartFinancial, Inc. has a 1-year low of $19.00 and a 1-year high of $37.72. The stock has a market capitalization of $617.80 million, a price-to-earnings ratio of 18.63 and a beta of 0.67. The stock's fifty day moving average is $31.69 and its two-hundred day moving average is $27.43. 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 (NASDAQ:SMBK - Get Free Report) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.05. The company had revenue of $73.10 million during the quarter, compared to the consensus estimate of $42.32 million. SmartFinancial had a return on equity of 6.81% and a net margin of 11.88%. During the same quarter last year, the business posted $0.43 earnings per share. As a group, analysts predict that SmartFinancial, Inc. will post 2.02 earnings per share for the current fiscal year.
SmartFinancial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.32 annualized dividend and a yield of 0.88%. SmartFinancial's dividend payout ratio (DPR) is presently 16.49%.
Wall Street Analyst Weigh In
SMBK has been the topic of a number of analyst reports. Hovde Group lifted their price objective on SmartFinancial from $28.00 to $32.50 and gave the company a "market perform" rating in a report on Wednesday, October 23rd. Raymond James upped their price objective on SmartFinancial from $32.00 to $36.00 and gave the stock 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 company. According to MarketBeat, SmartFinancial presently has a consensus rating of "Moderate Buy" and an average target price of $29.50.
Read Our Latest Stock Report on SmartFinancial
SmartFinancial Profile
(
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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