SmartFinancial (SMBK) Expected to Announce Quarterly Earnings on Monday
by Renee Jackson · The Cerbat GemSmartFinancial (NASDAQ:SMBK – Get Free Report) is anticipated to issue its results after the market closes on Monday, April 20th. Analysts expect the company to announce earnings of $0.78 per share and revenue of $53.4350 million for the quarter.
SmartFinancial Stock Performance
Shares of SMBK opened at $42.40 on Friday. The stock has a 50-day moving average of $40.03 and a two-hundred day moving average of $38.14. SmartFinancial has a one year low of $28.08 and a one year high of $43.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $724.89 million, a P/E ratio of 19.81 and a beta of 0.76.
SmartFinancial announced that its Board of Directors has approved a share buyback program on Friday, January 30th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the bank to reacquire up to 1.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
SmartFinancial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.8%. SmartFinancial’s payout ratio is currently 10.74%.
Analyst Ratings Changes
SMBK has been the subject of a number of research reports. Zacks Research cut SmartFinancial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. Hovde Group raised SmartFinancial from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.50.
Read Our Latest Stock Analysis on SmartFinancial
Insider Transactions at SmartFinancial
In other news, Chairman Wesley Miller Welborn purchased 835 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were purchased at an average cost of $43.13 per share, with a total value of $36,013.55. Following the completion of the acquisition, the chairman owned 96,468 shares of the company’s stock, valued at approximately $4,160,664.84. This represents a 0.87% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.62% of the company’s stock.
Hedge Funds Weigh In On SmartFinancial
A number of large investors have recently bought and sold shares of SMBK. AQR Capital Management LLC raised its holdings in SmartFinancial by 150.9% in the 1st quarter. AQR Capital Management LLC now owns 51,972 shares of the bank’s stock worth $1,615,000 after purchasing an additional 31,255 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in SmartFinancial by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,481 shares of the bank’s stock worth $295,000 after purchasing an additional 390 shares during the period. Jane Street Group LLC raised its holdings in SmartFinancial by 263.2% in the 1st quarter. Jane Street Group LLC now owns 42,385 shares of the bank’s stock worth $1,317,000 after purchasing an additional 30,715 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in SmartFinancial by 11.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,565 shares of the bank’s stock worth $1,573,000 after purchasing an additional 4,639 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in SmartFinancial by 46.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the bank’s stock worth $51,000 after purchasing an additional 472 shares during the period. Institutional investors and hedge funds own 58.78% of the company’s stock.
About SmartFinancial
SmartFinancial, Inc is a bank holding company headquartered in Knoxville, Tennessee, operating through its primary subsidiary, SmartBank. Incorporated in 2006, the company provides a full suite of banking and financial services to individuals, small and middle-market businesses and public entities across its regional footprint. SmartFinancial’s network of branch offices and digital platforms combines community-banking relationships with modern technology to serve its customers’ evolving needs.
Through SmartBank, the company offers a broad range of deposit products, including checking, savings and certificate of deposit accounts, alongside consumer and commercial lending solutions.