SmartFinancial (SMBK) Cut to Hold at Zacks Investment Research

SmartFinancial (NASDAQ:SMBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “SmartFinancial, Inc. is a bank holding company which provide banking services to individuals and corporate through its subsidiaries SmartBank and Cornerstone Community Bank. It offers deposit products, loan products, e-banking services consisting of online bill payments, smart pay, e-statements, mobile banking as well as debit and credit cards. SmartFinancial, Inc. is based in Knoxville, Tennessee. “

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Separately, BidaskClub upgraded shares of SmartFinancial from a “hold” rating to a “buy” rating in a report on Tuesday, March 13th.

Shares of SMBK stock opened at $23.15 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.21. SmartFinancial has a one year low of $20.35 and a one year high of $26.26. The company has a market capitalization of $263.77, a PE ratio of 20.86 and a beta of 0.16.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings data on Wednesday, January 31st. The bank reported $0.35 EPS for the quarter, topping the consensus estimate of $0.20 by $0.15. SmartFinancial had a net margin of 8.80% and a return on equity of 5.69%. The firm had revenue of $16.92 million for the quarter, compared to analyst estimates of $14.60 million. equities analysts expect that SmartFinancial will post 1.5 earnings per share for the current year.

In other SmartFinancial news, CFO C Bryan Johnson bought 4,000 shares of SmartFinancial stock in a transaction on Friday, March 16th. The shares were bought at an average cost of $23.57 per share, for a total transaction of $94,280.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven B. Tucker bought 2,480 shares of SmartFinancial stock in a transaction on Tuesday, March 13th. The shares were acquired at an average price of $23.25 per share, for a total transaction of $57,660.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 34,480 shares of company stock worth $762,090. 13.87% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its holdings in SmartFinancial by 22.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 13,498 shares of the bank’s stock worth $325,000 after buying an additional 2,501 shares in the last quarter. Monarch Partners Asset Management LLC lifted its holdings in SmartFinancial by 16.8% during the 4th quarter. Monarch Partners Asset Management LLC now owns 21,240 shares of the bank’s stock worth $461,000 after buying an additional 3,060 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in SmartFinancial by 12.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 28,780 shares of the bank’s stock worth $693,000 after buying an additional 3,233 shares in the last quarter. BlackRock Inc. lifted its holdings in SmartFinancial by 1.5% during the 4th quarter. BlackRock Inc. now owns 336,848 shares of the bank’s stock worth $7,309,000 after buying an additional 4,953 shares in the last quarter. Finally, Context BH Capital Management LP lifted its holdings in SmartFinancial by 15.6% during the 4th quarter. Context BH Capital Management LP now owns 47,604 shares of the bank’s stock worth $1,033,000 after buying an additional 6,423 shares in the last quarter. Institutional investors own 31.11% of the company’s stock.

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About SmartFinancial

SmartFinancial, Inc, formerly Cornerstone Bancshares, Inc, is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans.

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