SmartFinancial (NASDAQ:SMBK) Downgraded to Neutral at Janney Montgomery Scott

SmartFinancial (NASDAQ:SMBKGet Rating) was downgraded by equities researchers at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report released on Wednesday, The Fly reports.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating in a research note on Tuesday. DA Davidson cut shares of SmartFinancial from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research note on Monday, October 31st. Hovde Group lowered shares of SmartFinancial from an “outperform” rating to a “market perform” rating and set a $31.00 target price on the stock. in a report on Wednesday, January 4th. Finally, StockNews.com began coverage on shares of SmartFinancial in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, SmartFinancial currently has a consensus rating of “Hold” and an average price target of $30.20.

SmartFinancial Price Performance

Shares of NASDAQ SMBK opened at $27.34 on Wednesday. The stock has a market cap of $461.77 million, a price-to-earnings ratio of 12.54 and a beta of 0.75. SmartFinancial has a 52 week low of $22.63 and a 52 week high of $30.50. The company’s 50-day moving average price is $28.17 and its 200 day moving average price is $26.83. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.15.

SmartFinancial (NASDAQ:SMBKGet Rating) last issued its quarterly earnings data on Monday, January 23rd. The bank reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. The firm had revenue of $54.44 million for the quarter, compared to analysts’ expectations of $45.29 million. SmartFinancial had a net margin of 23.06% and a return on equity of 10.36%. As a group, research analysts forecast that SmartFinancial will post 3 earnings per share for the current fiscal year.

Insider Buying and Selling at SmartFinancial

In related news, Director Cathy G. Ackermann acquired 5,000 shares of the business’s stock in a transaction dated Monday, November 7th. The shares were acquired at an average cost 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 approximately $359,765.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 729 shares of company stock worth $20,981. Corporate insiders own 8.91% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. HHM Wealth Advisors LLC lifted its holdings in shares of SmartFinancial by 359.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 4,769 shares of the bank’s stock worth $131,000 after acquiring an additional 3,730 shares during the period. Penn Capital Management Company LLC raised its holdings in SmartFinancial by 280.6% in the third quarter. Penn Capital Management Company LLC now owns 47,712 shares of the bank’s stock valued at $1,179,000 after buying an additional 35,176 shares during the period. Bank of New York Mellon Corp raised its holdings in SmartFinancial by 6.0% in the third quarter. Bank of New York Mellon Corp now owns 83,822 shares of the bank’s stock valued at $2,071,000 after buying an additional 4,729 shares during the period. BNP Paribas Arbitrage SNC raised its holdings in SmartFinancial by 37.6% in the third quarter. BNP Paribas Arbitrage SNC now owns 5,401 shares of the bank’s stock valued at $133,000 after buying an additional 1,477 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in SmartFinancial by 17.6% in the third quarter. Alliancebernstein L.P. now owns 111,057 shares of the bank’s stock valued at $2,744,000 after buying an additional 16,632 shares during the period. 44.79% of the stock is currently owned by hedge funds and other institutional investors.

SmartFinancial Company Profile

(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.

Recommended Stories

The Fly logo

Analyst Recommendations for SmartFinancial (NASDAQ:SMBK)

Receive News & Ratings for SmartFinancial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SmartFinancial and related companies with MarketBeat.com's FREE daily email newsletter.