SmartFinancial (NASDAQ:SMBK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “SmartFinancial, Inc. is a bank holding company which provide banking services to individuals and corporate through its subsidiaries SmartBank and Cornerstone Community Bank. It offers deposit products, loan products, e-banking services consisting of online bill payments, smart pay, e-statements, mobile banking as well as debit and credit cards. SmartFinancial, Inc. is based in Knoxville, Tennessee. “
Shares of SmartFinancial (NASDAQ:SMBK) traded down $0.10 during mid-day trading on Tuesday, hitting $22.10. The stock had a trading volume of 66,000 shares, compared to its average volume of 23,591. The company has a market cap of $246.48, a price-to-earnings ratio of 37.46 and a beta of 0.21. SmartFinancial has a 12-month low of $18.25 and a 12-month high of $26.26. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.04.
Several hedge funds have recently modified their holdings of SMBK. The Manufacturers Life Insurance Company bought a new stake in shares of SmartFinancial in the 2nd quarter worth approximately $177,000. New York State Common Retirement Fund bought a new stake in shares of SmartFinancial in the 2nd quarter worth approximately $184,000. Ladenburg Thalmann Financial Services Inc. bought a new stake in shares of SmartFinancial in the 4th quarter worth approximately $184,000. Wells Fargo & Company MN grew its position in shares of SmartFinancial by 323.1% in the 4th quarter. Wells Fargo & Company MN now owns 12,595 shares of the bank’s stock worth $274,000 after buying an additional 9,618 shares during the last quarter. Finally, California State Teachers Retirement System bought a new stake in shares of SmartFinancial in the 2nd quarter worth approximately $303,000. Hedge funds and other institutional investors own 30.54% of the company’s stock.
SmartFinancial Company Profile
SmartFinancial, Inc, formerly Cornerstone Bancshares, Inc, is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans.
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