SmartFinancial (NASDAQ:SMBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday, January 5th.
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. “
SmartFinancial (NASDAQ SMBK) traded up $0.22 on Friday, reaching $22.88. The company had a trading volume of 24,722 shares, compared to its average volume of 22,416. SmartFinancial has a 12-month low of $17.17 and a 12-month high of $26.26. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.04. The firm has a market cap of $186.80, a price-to-earnings ratio of 28.25 and a beta of 0.25.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in shares of SmartFinancial by 22.7% in the third quarter. Russell Investments Group Ltd. now owns 13,498 shares of the bank’s stock valued at $325,000 after purchasing an additional 2,501 shares in the last quarter. Bank of New York Mellon Corp grew its position in SmartFinancial by 12.7% in the third quarter. Bank of New York Mellon Corp now owns 28,780 shares of the bank’s stock valued at $693,000 after acquiring an additional 3,233 shares during the period. The Manufacturers Life Insurance Company bought a new stake in SmartFinancial in the second quarter valued at $177,000. New York State Common Retirement Fund bought a new stake in SmartFinancial in the second quarter valued at $184,000. Finally, California State Teachers Retirement System bought a new stake in SmartFinancial in the second quarter valued at $303,000. Institutional investors and hedge funds own 39.79% of the company’s stock.
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SmartFinancial Company Profile
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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