SmartFinancial (NASDAQ:SMBK) Announces Earnings Results

SmartFinancial (NASDAQ:SMBKGet Rating) released its earnings results on Monday. The bank reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02, MarketWatch Earnings reports. SmartFinancial had a return on equity of 9.30% and a net margin of 21.36%. The company had revenue of $54.44 million during the quarter, compared to the consensus estimate of $45.29 million.

SmartFinancial Trading Up 0.8 %

NASDAQ SMBK traded up $0.22 during mid-day trading on Tuesday, reaching $27.34. 68,250 shares of the stock were exchanged, compared to its average volume of 27,810. The stock has a market capitalization of $461.72 million, a PE ratio of 12.54 and a beta of 0.75. The business’s fifty day simple moving average is $28.17 and its 200 day simple moving average is $26.83. SmartFinancial has a 1-year low of $22.63 and a 1-year high of $30.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.85.

SmartFinancial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 29th. Stockholders of record on Monday, November 14th were given a $0.07 dividend. The ex-dividend date was Thursday, November 10th. This represents a $0.28 annualized dividend and a dividend yield of 1.02%. SmartFinancial’s dividend payout ratio is presently 12.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SMBK shares. DA Davidson downgraded SmartFinancial from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a report on Monday, October 31st. StockNews.com started coverage on SmartFinancial in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler downgraded SmartFinancial from an “overweight” rating to a “neutral” rating in a report on Tuesday. Finally, Hovde Group downgraded SmartFinancial from an “outperform” rating to a “market perform” rating and set a $31.00 target price for the company. in a report on Wednesday, January 4th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $30.20.

Insider Buying and Selling at SmartFinancial

In related news, Director Cathy G. Ackermann purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 7th. The shares were bought at an average price of $28.99 per share, for a total transaction of $144,950.00. Following the acquisition, the director now directly owns 12,410 shares in the company, valued at $359,765.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 729 shares of company stock worth $20,981 in the last quarter. 8.91% of the stock is owned by insiders.

Hedge Funds Weigh In On SmartFinancial

A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its stake in shares of SmartFinancial by 22.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,924 shares of the bank’s stock valued at $95,000 after acquiring an additional 725 shares during the period. BNP Paribas Arbitrage SNC increased its stake in SmartFinancial by 37.6% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 5,401 shares of the bank’s stock worth $133,000 after buying an additional 1,477 shares during the period. American International Group Inc. increased its stake in SmartFinancial by 5.7% during the 2nd quarter. American International Group Inc. now owns 7,262 shares of the bank’s stock worth $175,000 after buying an additional 389 shares during the period. Prudential Financial Inc. purchased a new stake in SmartFinancial during the 2nd quarter worth $210,000. Finally, First Trust Advisors LP increased its stake in SmartFinancial by 9.8% during the 1st quarter. First Trust Advisors LP now owns 8,559 shares of the bank’s stock worth $219,000 after buying an additional 762 shares during the period. Institutional investors and hedge funds own 44.79% of the company’s stock.

About SmartFinancial

(Get Rating)

SmartFinancial, Inc is a holding company, which engages in the provision of commercial banking services through SmartBank. The firm manages branches and loan production offices in a footprint spanning East Tennessee, Southwest Alabama, the Florida Panhandle, and North Georgia. It operates through the following portfolio segments: Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, and Consumer and Other.

Further Reading

Earnings History for SmartFinancial (NASDAQ:SMBK)

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