SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High on Strong Earnings

Shares of SmartFinancial, Inc. (NASDAQ:SMBK) reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $31.50 and last traded at $31.10, with a volume of 891 shares trading hands. The stock had previously closed at $30.15.

The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.05. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. The company had revenue of $73.10 million for the quarter, compared to analysts’ expectations of $42.32 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share.

SmartFinancial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, August 9th. SmartFinancial’s dividend payout ratio is 20.51%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Piper Sandler lowered shares of SmartFinancial from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $26.00 to $28.00 in a research note on Wednesday, July 24th. Hovde Group increased their target price on shares of SmartFinancial from $24.00 to $28.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of SmartFinancial in a report on Tuesday, July 23rd. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Hedge Funds Weigh In On SmartFinancial

Several large investors have recently modified their holdings of the business. Mendon Capital Advisors Corp boosted its position in shares of SmartFinancial by 5,760.9% in the second quarter. Mendon Capital Advisors Corp now owns 66,990 shares of the bank’s stock valued at $1,586,000 after acquiring an additional 65,847 shares during the period. Foundry Partners LLC boosted its position in shares of SmartFinancial by 41.7% in the first quarter. Foundry Partners LLC now owns 150,870 shares of the bank’s stock valued at $3,179,000 after acquiring an additional 44,407 shares during the period. Acadian Asset Management LLC boosted its position in shares of SmartFinancial by 320.7% in the second quarter. Acadian Asset Management LLC now owns 54,574 shares of the bank’s stock valued at $1,289,000 after acquiring an additional 41,602 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of SmartFinancial by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 699,794 shares of the bank’s stock valued at $16,563,000 after acquiring an additional 35,054 shares during the period. Finally, American Century Companies Inc. lifted its position in SmartFinancial by 16.9% during the second quarter. American Century Companies Inc. now owns 183,751 shares of the bank’s stock valued at $4,349,000 after purchasing an additional 26,583 shares during the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

SmartFinancial Trading Up 3.2 %

The stock has a market capitalization of $530.66 million, a P/E ratio of 19.33 and a beta of 0.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock’s fifty day moving average price is $28.88 and its two-hundred day moving average price is $25.25.

About SmartFinancial

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.