Raymond James Boosts SmartFinancial (NASDAQ:SMBK) Price Target to $36.00

SmartFinancial (NASDAQ:SMBK) had its price target boosted by equities research analysts at Raymond James from $32.00 to $36.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “strong-buy” rating on the bank’s stock. Raymond James’ target price indicates a potential upside of 12.46% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Stephens restated an “overweight” rating and issued a $27.00 price target on shares of SmartFinancial in a research report on Tuesday, July 23rd. Hovde Group boosted their price target on shares of SmartFinancial from $28.00 to $32.50 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Piper Sandler downgraded SmartFinancial from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $26.00 to $28.00 in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.50.

SmartFinancial Trading Up 3.1 %

NASDAQ:SMBK traded up $0.96 on Wednesday, reaching $32.01. 23,087 shares of the company’s stock were exchanged, compared to its average volume of 45,153. The firm has a market capitalization of $546.19 million, a price-to-earnings ratio of 20.32 and a beta of 0.69. SmartFinancial has a 52-week low of $19.00 and a 52-week high of $32.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $28.97 and a 200-day moving average of $25.32.

SmartFinancial (NASDAQ:SMBK) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05. The business had revenue of $73.10 million for the quarter, compared to analyst estimates of $42.32 million. SmartFinancial had a net margin of 9.93% and a return on equity of 6.55%. During the same period last year, the business earned $0.43 EPS. As a group, analysts expect that SmartFinancial will post 1.97 earnings per share for the current year.

Institutional Investors Weigh In On SmartFinancial

A number of institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in SmartFinancial during the third quarter valued at approximately $161,000. Acadian Asset Management LLC purchased a new stake in shares of SmartFinancial during the first quarter worth about $271,000. Creative Planning acquired a new position in shares of SmartFinancial in the 3rd quarter valued at approximately $394,000. Inspire Investing LLC purchased a new position in shares of SmartFinancial during the 3rd quarter valued at approximately $415,000. Finally, BNP Paribas Financial Markets grew its position in shares of SmartFinancial by 429.0% during the first quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock worth $499,000 after buying an additional 19,210 shares in the last quarter. 58.78% of the stock is currently owned by hedge funds and other institutional investors.

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.