SmartFinancial (NASDAQ:SMBK) Issues Earnings Results

SmartFinancial (NASDAQ:SMBK – Get Rating) posted its quarterly earnings data on Monday. The bank reported $0.76 EPS for the quarter, topping 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 firm had revenue of $54.44 million for the quarter, compared to analyst estimates of $45.29 million.

SmartFinancial Price Performance

SMBK stock traded up $0.22 during midday 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. SmartFinancial has a 52 week low of $22.63 and a 52 week high of $30.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.85 and a quick ratio of 0.85. The company has a fifty day moving average price of $28.17 and a 200 day moving average price of $26.83.

SmartFinancial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 29th. Investors of record on Monday, November 14th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, November 10th. This represents a $0.28 dividend on an annualized basis and a yield of 1.02%. SmartFinancial’s dividend payout ratio is currently 12.84%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SMBK. StockNews.com began coverage on SmartFinancial in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Hovde Group lowered SmartFinancial from an “outperform” rating to a “market perform” rating and set a $31.00 price target on the stock. in a research note on Wednesday, January 4th. DA Davidson lowered SmartFinancial from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a research note on Monday, October 31st. Finally, Piper Sandler lowered SmartFinancial from an “overweight” rating to a “neutral” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.20.

Insider Buying and Selling

In other news, Director Cathy G. Ackermann acquired 5,000 shares of SmartFinancial stock in a transaction that occurred on Monday, November 7th. The shares were acquired at an average price of $28.99 per share, for a total transaction of $144,950.00. Following the transaction, the director now directly owns 12,410 shares of the company’s stock, valued at approximately $359,765.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 729 shares of company stock worth $20,981 in the last 90 days. Insiders own 8.91% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its holdings in SmartFinancial by 22.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,924 shares of the bank’s stock worth $95,000 after buying an additional 725 shares during the period. BNP Paribas Arbitrage SNC lifted its holdings 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. lifted its holdings 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. acquired a new position in SmartFinancial during the 2nd quarter worth about $210,000. Finally, First Trust Advisors LP lifted its holdings 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 own 44.79% of the company’s stock.

SmartFinancial Company Profile

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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.