SmartFinancial (SMBK) Downgraded to Strong Sell at BidaskClub

BidaskClub lowered shares of SmartFinancial (NASDAQ:SMBK) from a sell rating to a strong sell rating in a report released on Friday.

A number of other equities analysts have also recently weighed in on the company. Zacks Investment Research cut SmartFinancial from a buy rating to a hold rating in a report on Tuesday, September 4th. ValuEngine raised SmartFinancial from a sell rating to a hold rating in a research note on Monday, October 8th. Stephens reaffirmed a hold rating and issued a $23.00 price target on shares of SmartFinancial in a research note on Friday, October 26th. Finally, Raymond James set a $24.00 price target on SmartFinancial and gave the stock a buy rating in a research note on Thursday, October 25th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $25.60.

Shares of NASDAQ SMBK traded down $0.06 during trading hours on Friday, reaching $20.43. 19,832 shares of the stock traded hands, compared to its average volume of 22,368. The stock has a market cap of $259.56 million, a price-to-earnings ratio of 13.90 and a beta of 0.35. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.29. SmartFinancial has a 52-week low of $19.49 and a 52-week high of $27.69.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings data on Wednesday, October 31st. The bank reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.06). The firm had revenue of $20.72 million for the quarter, compared to analysts’ expectations of $21.40 million. SmartFinancial had a net margin of 13.11% and a return on equity of 7.89%. On average, analysts forecast that SmartFinancial will post 1.53 EPS for the current fiscal year.

In related news, Director James Beaumont Wicks purchased 10,250 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were acquired at an average cost of $24.74 per share, with a total value of $253,585.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William L. Yoder sold 20,000 shares of SmartFinancial stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $24.25, for a total value of $485,000.00. The disclosure for this sale can be found here. 11.96% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in SmartFinancial by 74.2% in the 2nd quarter. BlackRock Inc. now owns 640,702 shares of the bank’s stock worth $16,503,000 after purchasing an additional 272,911 shares during the period. Renaissance Technologies LLC grew its position in shares of SmartFinancial by 35.2% in the 2nd quarter. Renaissance Technologies LLC now owns 141,100 shares of the bank’s stock worth $3,635,000 after buying an additional 36,700 shares during the last quarter. Northern Trust Corp grew its position in shares of SmartFinancial by 44.4% in the 2nd quarter. Northern Trust Corp now owns 107,075 shares of the bank’s stock worth $2,759,000 after buying an additional 32,923 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of SmartFinancial by 109.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 96,311 shares of the bank’s stock worth $2,481,000 after buying an additional 50,330 shares during the last quarter. Finally, Penn Capital Management Co. Inc. grew its position in shares of SmartFinancial by 129.1% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 72,621 shares of the bank’s stock worth $1,871,000 after buying an additional 40,916 shares during the last quarter. 36.41% of the stock is currently owned by institutional investors and hedge funds.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for the SmartBank that provides various financial services to individuals and corporate customers in the United States. The company offers various deposit products, including interest bearing and non-interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.

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