FB Financial (NYSE:FBK) Announces Earnings Results, Meets Estimates

FB Financial (NYSE:FBK) released its earnings results on Monday. The financial services provider reported $1.14 earnings per share for the quarter, meeting the consensus estimate of $1.14, FiscalAI reports. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The company had revenue of $175.95 million for the quarter, compared to the consensus estimate of $177.94 million.

FB Financial Stock Performance

Shares of FB Financial stock traded down $0.05 on Monday, hitting $56.63. 567,493 shares of the company traded hands, compared to its average volume of 319,354. FB Financial has a 52 week low of $45.58 and a 52 week high of $62.37. The business has a 50-day simple moving average of $53.88 and a 200 day simple moving average of $55.16. The stock has a market capitalization of $2.92 billion, a P/E ratio of 21.29 and a beta of 0.95.

FB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, May 12th. FB Financial’s dividend payout ratio is presently 31.58%.

FB Financial announced that its Board of Directors has initiated a share repurchase plan on Monday, April 27th that authorizes the company to buyback $175.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

FBK has been the subject of a number of analyst reports. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 22nd. Hovde Group cut their price objective on FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a report on Wednesday, April 15th. Keefe, Bruyette & Woods decreased their target price on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 15th. Finally, Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target on the stock in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $64.17.

Hedge Funds Weigh In On FB Financial

Several institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in FB Financial by 171.3% in the 4th quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock valued at $96,513,000 after acquiring an additional 1,092,126 shares during the last quarter. North Reef Capital Management LP bought a new stake in shares of FB Financial in the 4th quarter worth about $49,812,000. Loomis Sayles & Co. L P raised its position in shares of FB Financial by 220.6% during the 4th quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider’s stock valued at $54,389,000 after buying an additional 670,691 shares in the last quarter. GW&K Investment Management LLC bought a new position in shares of FB Financial in the 4th quarter valued at about $16,209,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of FB Financial by 587.1% in the 3rd quarter. Alliancebernstein L.P. now owns 305,469 shares of the financial services provider’s stock valued at $17,027,000 after acquiring an additional 261,010 shares during the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

About FB Financial

FB Financial Corporation, through its banking subsidiary FirstBank, is a Tennessee-based bank holding company that provides a broad range of financial services to individuals, small and medium-sized businesses, and commercial clients. Established to serve the banking needs of communities across the southeastern United States, the company’s core offerings include consumer and commercial deposit products, commercial lending, and mortgage services.

In addition to traditional checking and savings accounts, FB Financial’s service portfolio encompasses treasury and cash management, equipment financing, and letters of credit to support the working capital and expansion needs of business customers.