SmartFinancial (SMBK) Lowered to Hold at Zacks Investment Research

SmartFinancial (NASDAQ:SMBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

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. “

A number of other equities analysts have also weighed in on the stock. BidaskClub lowered shares of SmartFinancial from a “sell” rating to a “strong sell” rating in a research report on Saturday. Stephens reiterated a “hold” rating and issued a $23.00 price target on shares of SmartFinancial in a research report on Friday, October 26th. Raymond James set a $24.00 price target on shares of SmartFinancial and gave the stock a “buy” rating in a research report on Thursday, October 25th. Finally, ValuEngine lowered shares of SmartFinancial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.60.

Shares of NASDAQ SMBK opened at $17.99 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $250.67 million, a P/E ratio of 16.21 and a beta of 0.52. SmartFinancial has a 12-month low of $16.17 and a 12-month high of $27.69.

SmartFinancial (NASDAQ:SMBK) last announced its earnings results on Tuesday, October 23rd. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business had revenue of $20.72 million for the quarter, compared to the consensus estimate of $21.40 million. SmartFinancial had a net margin of 13.11% and a return on equity of 7.62%. Equities research analysts anticipate that SmartFinancial will post 1.51 EPS for the current year.

In other news, Director Clifton N. Miller purchased 1,680 shares of the company’s stock in a transaction on Monday, October 29th. The stock was acquired at an average cost of $21.47 per share, for a total transaction of $36,069.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders acquired 3,455 shares of company stock valued at $72,701. Company insiders own 11.96% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the business. MetLife Investment Advisors LLC boosted its position in shares of SmartFinancial by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 9,032 shares of the bank’s stock worth $213,000 after purchasing an additional 3,211 shares during the period. Metropolitan Life Insurance Co. NY bought a new position in shares of SmartFinancial in the second quarter worth approximately $106,000. Victory Capital Management Inc. boosted its position in shares of SmartFinancial by 14.3% in the third quarter. Victory Capital Management Inc. now owns 51,200 shares of the bank’s stock worth $1,206,000 after purchasing an additional 6,400 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of SmartFinancial by 68.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 21,400 shares of the bank’s stock worth $552,000 after acquiring an additional 8,700 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of SmartFinancial by 31.7% during the second quarter. Bank of New York Mellon Corp now owns 39,076 shares of the bank’s stock worth $1,007,000 after acquiring an additional 9,400 shares during the last quarter. Institutional investors and hedge funds own 34.10% of the company’s stock.

About SmartFinancial

SmartFinancial, Inc operates as the bank holding company for the SmartBank that provides various financial services to individuals and corporate customers in the United States. The company offers various deposit products, including interest bearing and non-interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.

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