SmartFinancial (NASDAQ:SMBK) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Posted by Marion Hillson on Jan 25th, 2023

SmartFinancial (NASDAQ:SMBK – Get Rating) announced its quarterly earnings results on Monday. The bank reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.02, MarketWatch Earnings reports. SmartFinancial had a net margin of 23.06% and a return on equity of 10.36%. The firm had revenue of $54.44 million during the quarter, compared to analysts’ expectations of $45.29 million.

SmartFinancial Stock Up 0.8 %

NASDAQ:SMBK opened at $27.34 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.15. SmartFinancial has a twelve month low of $22.63 and a twelve month high of $30.50. The company has a market cap of $461.77 million, a PE ratio of 12.54 and a beta of 0.75. The company’s 50 day moving average is $28.17 and its two-hundred day moving average is $26.83.

SmartFinancial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SMBK. StockNews.com started coverage on SmartFinancial in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler lowered SmartFinancial from an “overweight” rating to a “neutral” rating in a research note on Tuesday. DA Davidson lowered shares of SmartFinancial from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Monday, October 31st. Finally, Hovde Group cut shares of SmartFinancial from an “outperform” rating to a “market perform” rating and set a $31.00 price target on the stock. in a report on Wednesday, January 4th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SmartFinancial currently has a consensus rating of “Hold” and an average target price of $30.20.

Insiders Place Their Bets

In related news, Director Cathy G. Ackermann acquired 5,000 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were purchased at an average cost of $28.99 per share, with a total value of $144,950.00. Following the completion of the acquisition, 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 SEC, which can be accessed through this link. Over the last quarter, insiders sold 729 shares of company stock valued at $20,981. 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 company. Citadel Advisors LLC lifted its stake in SmartFinancial by 65.4% during the 3rd quarter. Citadel Advisors LLC now owns 26,002 shares of the bank’s stock valued at $642,000 after acquiring an additional 10,283 shares during the period. Two Sigma Advisers LP raised its holdings in shares of SmartFinancial by 18.0% during the third quarter. Two Sigma Advisers LP now owns 24,900 shares of the bank’s stock worth $615,000 after purchasing an additional 3,800 shares during the last quarter. Two Sigma Investments LP lifted its position in SmartFinancial by 42.4% during the third quarter. Two Sigma Investments LP now owns 20,970 shares of the bank’s stock valued at $518,000 after purchasing an additional 6,242 shares during the period. Rhumbline Advisers boosted its holdings in SmartFinancial by 26.8% in the second quarter. Rhumbline Advisers now owns 21,389 shares of the bank’s stock valued at $517,000 after purchasing an additional 4,521 shares during the last quarter. Finally, Royal Bank of Canada grew its position in SmartFinancial by 8.1% during the 3rd 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. Hedge funds and other institutional investors own 44.79% of the company’s stock.

SmartFinancial Company Profile

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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.