SmartFinancial (NASDAQ:SMBK) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

SmartFinancial (NASDAQ:SMBK – Get Rating) issued its quarterly earnings data on Monday. The bank reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02, MarketWatch Earnings reports. The business had revenue of $54.44 million during the quarter, compared to the consensus estimate of $45.29 million. SmartFinancial had a net margin of 21.36% and a return on equity of 9.30%.

SmartFinancial Trading Up 0.8 %

NASDAQ SMBK traded up $0.22 during mid-day trading on Tuesday, reaching $27.34. 68,250 shares of the stock were exchanged, compared to its average volume of 27,810. SmartFinancial has a one year low of $22.63 and a one year high of $30.50. The stock has a 50 day simple moving average of $28.22 and a 200-day simple moving average of $26.81. The stock has a market cap of $461.72 million, a P/E ratio of 12.54 and a beta of 0.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.85 and a quick ratio of 0.85.

SmartFinancial Dividend Announcement

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

Insider Buying and Selling

In other news, Director Cathy G. Ackermann bought 5,000 shares of the stock in a transaction that occurred on Monday, November 7th. The stock was acquired at an average price of $28.99 per share, with a total value of $144,950.00. Following the completion of the purchase, the director now directly owns 12,410 shares of the company’s stock, valued at $359,765.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 729 shares of company stock valued at $20,981 over the last quarter. Insiders own 8.91% of the company’s stock.

Institutional Investors Weigh In On SmartFinancial

A number of large investors have recently bought and sold shares of the stock. American International Group Inc. grew its holdings in SmartFinancial by 5.7% in the second quarter. American International Group Inc. now owns 7,262 shares of the bank’s stock worth $175,000 after purchasing an additional 389 shares during the period. BNP Paribas Arbitrage SA grew its holdings in SmartFinancial by 22.7% in the second quarter. BNP Paribas Arbitrage SA now owns 3,924 shares of the bank’s stock worth $95,000 after purchasing an additional 725 shares during the period. First Trust Advisors LP grew its holdings in SmartFinancial by 9.8% in the first quarter. First Trust Advisors LP now owns 8,559 shares of the bank’s stock worth $219,000 after purchasing an additional 762 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in SmartFinancial by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 37,139 shares of the bank’s stock worth $951,000 after purchasing an additional 914 shares during the period. Finally, Royal Bank of Canada grew its holdings in SmartFinancial by 8.1% in the third quarter. Royal Bank of Canada now owns 12,204 shares of the bank’s stock worth $302,000 after purchasing an additional 916 shares during the period. 44.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SMBK has been the subject of several research reports. Hovde Group downgraded shares of SmartFinancial from an “outperform” rating to a “market perform” rating and set a $31.00 price objective for the company. in a research note on Wednesday, January 4th. DA Davidson downgraded shares of SmartFinancial from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research note on Monday, October 31st. StockNews.com started coverage on shares of SmartFinancial in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Piper Sandler downgraded shares of 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, SmartFinancial currently has a consensus rating of “Hold” and an average price target of $30.20.

About SmartFinancial

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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.