Keefe, Bruyette & Woods Cuts SmartFinancial (NASDAQ:SMBK) Price Target to $24.00

SmartFinancial (NASDAQ:SMBK) had its price objective reduced by Keefe, Bruyette & Woods from $26.00 to $24.00 in a report released on Wednesday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Other research analysts have also recently issued research reports about the company. Piper Sandler upgraded SmartFinancial from a neutral rating to an overweight rating and lifted their target price for the company from $25.00 to $26.00 in a report on Wednesday. StockNews.com upgraded SmartFinancial from a sell rating to a hold rating in a report on Tuesday, January 9th. Hovde Group reduced their target price on SmartFinancial from $26.00 to $23.00 and set a market perform rating on the stock in a report on Wednesday. Raymond James lifted their target price on SmartFinancial from $24.00 to $28.00 and gave the company a strong-buy rating in a report on Friday, January 5th. Finally, Stephens reiterated an overweight rating and issued a $26.00 target price on shares of SmartFinancial in a report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $25.40.

SmartFinancial Price Performance

Shares of NASDAQ:SMBK opened at $20.66 on Wednesday. The company has a market cap of $352.46 million, a P/E ratio of 13.24 and a beta of 0.69. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12. SmartFinancial has a 52 week low of $18.86 and a 52 week high of $25.98. The business has a fifty day simple moving average of $20.73 and a 200-day simple moving average of $21.92.

SmartFinancial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Friday, May 10th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.55%. SmartFinancial’s dividend payout ratio (DPR) is currently 20.51%.

Insider Buying and Selling

In other SmartFinancial news, EVP Gary Wayne Petty, Jr. sold 2,394 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.63, for a total value of $51,782.22. Following the completion of the transaction, the executive vice president now owns 19,091 shares in the company, valued at approximately $412,938.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SmartFinancial

A number of institutional investors and hedge funds have recently bought and sold shares of SMBK. Mendon Capital Advisors Corp purchased a new position in SmartFinancial in the 4th quarter worth approximately $1,872,000. Panagora Asset Management Inc. purchased a new position in SmartFinancial in the 3rd quarter worth approximately $758,000. Russell Investments Group Ltd. boosted its holdings in SmartFinancial by 48.6% in the 4th quarter. Russell Investments Group Ltd. now owns 105,382 shares of the bank’s stock worth $2,581,000 after acquiring an additional 34,488 shares during the period. Foundry Partners LLC boosted its holdings in SmartFinancial by 44.9% in the 4th quarter. Foundry Partners LLC now owns 106,463 shares of the bank’s stock worth $2,607,000 after acquiring an additional 32,968 shares during the period. Finally, Bailard Inc. purchased a new position in SmartFinancial in the 3rd quarter worth approximately $292,000. Hedge funds and other institutional investors own 58.78% of the company’s stock.

About SmartFinancial

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.