Hovde Group Increases SmartFinancial (NASDAQ:SMBK) Price Target to $32.50

SmartFinancial (NASDAQ:SMBK) had its target price raised by research analysts at Hovde Group from $28.00 to $32.50 in a report issued on Wednesday, Briefing.com reports. The brokerage currently has a “market perform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 4.70% from the stock’s current price.

Several other analysts have also commented on the stock. Piper Sandler lowered shares of SmartFinancial from an “overweight” rating to a “neutral” rating and increased their target price for the company from $26.00 to $28.00 in a research note on Wednesday, July 24th. Stephens reiterated an “overweight” rating and set a $27.00 price objective on shares of SmartFinancial in a research report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.90.

SmartFinancial Stock Up 3.0 %

Shares of SMBK stock opened at $31.04 on Wednesday. SmartFinancial has a 1 year low of $19.00 and a 1 year high of $31.54. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The business’s fifty day moving average is $28.97 and its 200-day moving average is $25.32. The stock has a market cap of $529.64 million, a PE ratio of 19.90 and a beta of 0.69.

SmartFinancial (NASDAQ:SMBK) last released its earnings results on Monday, October 21st. The bank reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. The firm had revenue of $73.10 million for the quarter, compared to analyst estimates of $42.32 million. During the same period in the previous year, the company earned $0.43 earnings per share. Equities analysts expect that SmartFinancial will post 1.97 earnings per share for the current fiscal year.

Institutional Trading of SmartFinancial

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of SmartFinancial in the third quarter worth $161,000. Acadian Asset Management LLC acquired a new stake in SmartFinancial during the 1st quarter worth about $271,000. Creative Planning purchased a new position in SmartFinancial during the 3rd quarter valued at about $394,000. Inspire Investing LLC purchased a new position in SmartFinancial during the 3rd quarter valued at about $415,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of SmartFinancial by 429.0% in the 1st quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock valued at $499,000 after purchasing an additional 19,210 shares during the period. 58.78% of the stock is owned by institutional investors and hedge funds.

SmartFinancial Company Profile

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.