SmartFinancial (NASDAQ:SMBK) Hits New 1-Year High – Should You Buy?

SmartFinancial, Inc. (NASDAQ:SMBK)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $43.82 and last traded at $42.93, with a volume of 11095 shares traded. The stock had previously closed at $42.39.

Wall Street Analyst Weigh In

A number of research firms have commented on SMBK. Zacks Research upgraded shares of SmartFinancial from a “hold” rating to a “strong-buy” rating in a report on Monday. Keefe, Bruyette & Woods increased their price target on SmartFinancial from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Tuesday, November 4th. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research note on Thursday, January 22nd. Finally, Piper Sandler upped their target price on SmartFinancial from $37.00 to $39.50 and gave the company a “neutral” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.50.

SmartFinancial Trading Up 0.6%

The company has a market cap of $734.50 million, a PE ratio of 20.16 and a beta of 0.77. The company’s 50 day simple moving average is $38.79 and its two-hundred day simple moving average is $36.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.90.

SmartFinancial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, February 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.7%. SmartFinancial’s dividend payout ratio is 10.74%.

SmartFinancial declared that its Board of Directors has approved a stock buyback plan on Friday, January 30th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the bank to reacquire up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at SmartFinancial

In other news, Director Steven B. Tucker sold 10,625 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $38.01, for a total transaction of $403,856.25. Following the sale, the director owned 49,914 shares of the company’s stock, valued at approximately $1,897,231.14. This represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SmartFinancial

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its position in SmartFinancial by 150.9% in the 1st quarter. AQR Capital Management LLC now owns 51,972 shares of the bank’s stock valued at $1,615,000 after purchasing an additional 31,255 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of SmartFinancial by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock worth $295,000 after buying an additional 390 shares during the period. Jane Street Group LLC raised its holdings in SmartFinancial by 263.2% in the first quarter. Jane Street Group LLC now owns 42,385 shares of the bank’s stock valued at $1,317,000 after acquiring an additional 30,715 shares in the last quarter. Inspire Investing LLC lifted its stake in SmartFinancial by 3.4% in the second quarter. Inspire Investing LLC now owns 11,442 shares of the bank’s stock worth $387,000 after acquiring an additional 376 shares during the last quarter. Finally, Equitable Trust Co. grew its holdings in SmartFinancial by 13.3% during the 2nd quarter. Equitable Trust Co. now owns 12,790 shares of the bank’s stock worth $432,000 after acquiring an additional 1,505 shares in the last quarter. Hedge funds and other institutional investors own 58.78% of the company’s stock.

About SmartFinancial

SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.

Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.