Hovde Group Raises SmartFinancial (NASDAQ:SMBK) Price Target to $41.00

SmartFinancial (NASDAQ:SMBK) had its target price raised by equities research analysts at Hovde Group from $40.00 to $41.00 in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage currently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective indicates a potential upside of 13.21% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Zacks Research downgraded SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $44.00 target price (up previously from $42.00) on shares of SmartFinancial in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods raised their price target on SmartFinancial from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.50.

SmartFinancial Stock Up 2.9%

NASDAQ:SMBK opened at $36.22 on Thursday. The firm has a market capitalization of $616.38 million, a PE ratio of 16.92 and a beta of 0.80. The stock has a 50 day moving average of $35.99 and a 200-day moving average of $33.54. SmartFinancial has a 52 week low of $26.31 and a 52 week high of $37.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

SmartFinancial (NASDAQ:SMBK) last posted its earnings results on Monday, July 21st. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. SmartFinancial had a return on equity of 7.33% and a net margin of 12.67%.During the same period in the previous year, the business earned $0.46 EPS. Analysts predict that SmartFinancial will post 2.45 EPS for the current year.

Institutional Trading of SmartFinancial

Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new stake in SmartFinancial in the first quarter worth about $61,000. LeConte Wealth Management LLC acquired a new position in shares of SmartFinancial in the 1st quarter worth approximately $602,000. Acadian Asset Management LLC boosted its holdings in SmartFinancial by 6.2% during the first quarter. Acadian Asset Management LLC now owns 156,591 shares of the bank’s stock worth $4,866,000 after buying an additional 9,122 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SmartFinancial by 45.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,634 shares of the bank’s stock worth $2,724,000 after buying an additional 27,586 shares in the last quarter. Finally, CWM LLC boosted its holdings in SmartFinancial by 282.9% during the first quarter. CWM LLC now owns 2,489 shares of the bank’s stock worth $77,000 after buying an additional 1,839 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

SmartFinancial Company Profile

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.