SmartFinancial (SMBK) Rating Lowered 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 research note issued 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 raised shares of SmartFinancial from a “hold” rating to a “buy” rating in a research note on Tuesday, March 13th.

Shares of NASDAQ SMBK opened at $23.15 on Thursday. SmartFinancial has a 12-month low of $20.35 and a 12-month high of $26.26. The stock has a market cap of $263.77, a P/E ratio of 20.86 and a beta of 0.16. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.97 and a quick ratio of 0.97.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings data on Wednesday, January 31st. The bank reported $0.35 earnings per share (EPS) for the quarter, beating 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 company had revenue of $16.92 million during the quarter, compared to analysts’ expectations of $14.60 million. equities analysts forecast that SmartFinancial will post 1.5 earnings per share for the current year.

In related news, Chairman Wesley Miller Welborn acquired 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The shares were purchased at an average cost of $21.70 per share, for a total transaction of $325,500.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven B. Tucker acquired 2,480 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The stock was bought 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. In the last three months, insiders bought 34,480 shares of company stock valued at $762,090. Corporate insiders own 13.87% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Forest Hill Capital LLC lifted its holdings in shares of SmartFinancial by 8.9% in the 4th quarter. Forest Hill Capital LLC now owns 309,868 shares of the bank’s stock worth $6,724,000 after acquiring an additional 25,405 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. acquired a new position in shares of SmartFinancial in the 4th quarter worth approximately $184,000. Deutsche Bank AG lifted its holdings in shares of SmartFinancial by 106.0% in the 4th quarter. Deutsche Bank AG now owns 48,875 shares of the bank’s stock worth $1,059,000 after acquiring an additional 25,152 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of SmartFinancial by 44.5% in the 4th quarter. Renaissance Technologies LLC now owns 47,800 shares of the bank’s stock worth $1,037,000 after acquiring an additional 14,710 shares during the last quarter. Finally, Context BH Capital Management LP lifted its holdings in shares of SmartFinancial by 15.6% in the 4th quarter. Context BH Capital Management LP now owns 47,604 shares of the bank’s stock worth $1,033,000 after acquiring an additional 6,423 shares during the last quarter. Hedge funds and other 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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