SmartFinancial (NASDAQ:SMBK) Reaches New 52-Week High – Here’s What Happened

SmartFinancial, Inc. (NASDAQ:SMBK)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $46.29 and last traded at $44.4940, with a volume of 99912 shares trading hands. The stock had previously closed at $45.46.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Raymond James Financial reiterated a “strong-buy” rating and issued a $50.00 price target on shares of SmartFinancial in a research 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. Finally, Zacks Research cut shares of SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. One equities research analyst has 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.com, SmartFinancial has a consensus rating of “Moderate Buy” and a consensus target price of $45.88.

SmartFinancial Price Performance

The company has a market cap of $760.54 million, a PE ratio of 20.79 and a beta of 0.72. The business’s 50 day moving average price is $42.05 and its 200-day moving average price is $40.16. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial Increases Dividend

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

Insider Buying and Selling

In other news, Director Cathy G. Ackermann acquired 3,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $42.12 per share, for a total transaction of $126,360.00. Following the completion of the purchase, the director directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Victor Lynn Barrett purchased 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average price of $43.78 per share, with a total value of $131,340.00. Following the purchase, the director owned 151,724 shares of the company’s stock, valued at approximately $6,642,476.72. The trade was a 2.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 6,290 shares of company stock worth $269,677 in the last quarter. Insiders own 6.93% of the company’s stock.

Institutional Trading of SmartFinancial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new stake in shares of SmartFinancial in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC increased its stake in shares of SmartFinancial by 46.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after buying an additional 472 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of SmartFinancial by 173.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,895 shares of the bank’s stock worth $64,000 after buying an additional 1,202 shares during the last quarter. State of Alaska Department of Revenue increased 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 worth $77,000 after buying an additional 1,424 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased 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 worth $106,000 after buying an additional 316 shares during the last quarter. 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.