SmartFinancial (SMBK) Downgraded by Zacks Investment Research

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

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. “

Shares of SmartFinancial (NASDAQ:SMBK) traded down $0.10 during midday trading on Tuesday, hitting $22.10. The company had a trading volume of 66,000 shares, compared to its average volume of 23,591. The stock has a market cap of $246.48, a PE ratio of 37.46 and a beta of 0.21. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.04. SmartFinancial has a 52 week low of $18.25 and a 52 week high of $26.26.

SmartFinancial (NASDAQ:SMBK) last posted its quarterly earnings results on Wednesday, January 31st. The bank reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.15. SmartFinancial had a return on equity of 6.44% and a net margin of 8.80%. The business had revenue of $16.92 million for the quarter, compared to analyst estimates of $14.60 million. sell-side analysts anticipate that SmartFinancial will post 1.5 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new position in SmartFinancial during the 2nd quarter worth approximately $177,000. New York State Common Retirement Fund bought a new position in SmartFinancial during the 2nd quarter worth approximately $184,000. Ladenburg Thalmann Financial Services Inc. bought a new position in SmartFinancial during the 4th quarter worth approximately $184,000. Wells Fargo & Company MN grew its position in SmartFinancial by 323.1% during the 4th quarter. Wells Fargo & Company MN now owns 12,595 shares of the bank’s stock worth $274,000 after acquiring an additional 9,618 shares during the last quarter. Finally, California State Teachers Retirement System bought a new position in SmartFinancial during the 2nd quarter worth approximately $303,000. Institutional investors and hedge funds own 30.54% 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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