SmartFinancial (SMBK) PT Raised at KBW on Strong PPNR Beat

Keefe, Bruyette & Woods analyst Catherine Mealor raised the price target on SmartFinancial (NYSE: SMBK) to $40.00 (from $38.00) while maintaining a Market Perform rating.

The analyst commented: "Higher PPNR and lower provision drove the $0.15 beat this quarter, TBV grew 6% LQ from a gain on the sale of the insurance subsidiary, and SMBK reached its $50mm operating revenue goal and 1% ROA/+12% ROE goal. EOP loan and deposit growth came in at 9.5% and 15%; and while NIM declined, with the bond restructuring and benefits from lower rates it should move to 3.30-3.35% next quarter and then up 5-7 bps per quarter in 2026. We are raising EPS estimates 5-7% and move our PT to $40 (1.5x TBV; 12x '26E EPS) on the higher EPS and TBV."

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