SmartFinancial (NASDAQ:SMBK) Stock Crosses Below 50-Day Moving Average – Here’s Why

SmartFinancial, Inc. (NASDAQ:SMBK) shares passed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $51.47 and traded as low as $48.50. SmartFinancial shares last traded at $49.8590, with a volume of 102,363 shares traded.

Wall Street Analysts Forecast Growth

SMBK has been the topic of several research reports. Stephens raised their price target on SmartFinancial from $45.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Benchmark increased their target price on shares of SmartFinancial from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Raymond James Financial restated a “strong-buy” rating and issued a $58.00 price target on shares of SmartFinancial in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price target on shares of SmartFinancial from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, SmartFinancial has a consensus rating of “Moderate Buy” and an average target price of $50.42.

SmartFinancial Stock Up 2.4%

The business’s fifty day moving average price is $51.49 and its two-hundred day moving average price is $45.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $873.38 million, a P/E ratio of 23.87 and a beta of 0.71.

SmartFinancial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.36 dividend on an annualized basis and a yield of 0.7%. SmartFinancial’s dividend payout ratio is presently 10.62%.

Hedge Funds Weigh In On SmartFinancial

Several institutional investors and hedge funds have recently bought and sold shares of SMBK. Public Employees Retirement System of Ohio acquired a new position in SmartFinancial during the 2nd quarter valued at about $47,000. PNC Financial Services Group Inc. increased its holdings in shares of SmartFinancial by 13.2% during 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. Engineers Gate Manager LP raised its position in shares of SmartFinancial by 17.7% in the 2nd quarter. Engineers Gate Manager LP now owns 6,570 shares of the bank’s stock valued at $308,000 after purchasing an additional 990 shares during the last quarter. 1492 Capital Management LLC acquired a new stake in SmartFinancial in the 1st quarter worth approximately $270,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in SmartFinancial during the 2nd quarter worth approximately $371,000. 58.78% of the stock is owned by hedge funds and other institutional investors.

About SmartFinancial

SmartFinancial, Inc (NASDAQ: SMBK) is a bank holding company for SmartBank, a community bank that provides financial services to individuals, businesses and organizations. The company offers deposit accounts, consumer and commercial lending, mortgage services, treasury management, online and mobile banking, and wealth management services.

SmartBank was established in 2007 and has expanded through organic growth and acquisitions. Its banking operations serve communities across Tennessee, Alabama and Florida, with branches and lending activities focused primarily on the Southeast.

SmartFinancial is led by William G.