Zacks Investment Research upgraded shares of SmartFinancial (NASDAQ:SMBK) from a hold rating to a buy rating in a research note issued to investors on Wednesday, March 14th. The brokerage currently has $26.00 price target on the bank’s stock.
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. “
Separately, BidaskClub upgraded shares of SmartFinancial from a hold rating to a buy rating in a research report on Tuesday, March 13th.
SmartFinancial stock traded down $0.33 during trading hours on Wednesday, hitting $23.15. The company had a trading volume of 27,232 shares, compared to its average volume of 28,199. 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 quick ratio of 0.97, a current 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.
SmartFinancial (NASDAQ:SMBK) last announced its earnings results on Wednesday, January 31st. The bank reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ 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 anticipate that SmartFinancial will post 1.5 earnings per share for the current fiscal year.
In other news, CFO C Bryan Johnson bought 4,000 shares of the stock in a transaction that occurred on Friday, March 16th. The stock was acquired at an average price of $23.57 per share, with a total value of $94,280.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Wesley Miller Welborn bought 15,000 shares of the stock in a transaction that occurred on Tuesday, March 6th. The shares were purchased at an average cost of $21.70 per share, with a total value of $325,500.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 34,480 shares of company stock valued at $762,090. 13.87% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company acquired a new stake in SmartFinancial in the second quarter worth $177,000. New York State Common Retirement Fund acquired a new position in shares of SmartFinancial during the second quarter valued at about $184,000. Ladenburg Thalmann Financial Services Inc. acquired a new position in shares of SmartFinancial during the fourth quarter valued at about $184,000. Wells Fargo & Company MN grew its holdings in shares of SmartFinancial by 323.1% during the fourth quarter. Wells Fargo & Company MN now owns 12,595 shares of the bank’s stock valued at $274,000 after buying an additional 9,618 shares during the last quarter. Finally, California State Teachers Retirement System acquired a new position in shares of SmartFinancial during the second quarter valued at about $303,000. Institutional investors and hedge funds own 31.11% of the company’s stock.
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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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