Heartland Advisors Inc. Trims Stock Position in FB Financial Corporation $FBK

Heartland Advisors Inc. cut its position in shares of FB Financial Corporation (NYSE:FBK) by 7.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,511 shares of the financial services provider’s stock after selling 16,019 shares during the period. Heartland Advisors Inc. owned approximately 0.35% of FB Financial worth $10,463,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FBK. Assetmark Inc. purchased a new stake in shares of FB Financial in the 4th quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new stake in shares of FB Financial in the 4th quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its stake in shares of FB Financial by 1,152.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 795 shares during the period. Bessemer Group Inc. raised its stake in shares of FB Financial by 294.7% in the 3rd quarter. Bessemer Group Inc. now owns 746 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 557 shares during the period. Finally, Center for Financial Planning Inc. purchased a new stake in shares of FB Financial in the 3rd quarter valued at approximately $45,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

FB Financial Stock Up 0.6%

NYSE FBK opened at $53.98 on Thursday. FB Financial Corporation has a 52 week low of $42.29 and a 52 week high of $62.37. The stock has a market capitalization of $2.78 billion, a PE ratio of 20.29 and a beta of 0.95. The firm has a 50 day moving average of $53.42 and a two-hundred day moving average of $55.44.

FB Financial (NYSE:FBK) last posted its quarterly earnings results on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The firm had revenue of $172.71 million for the quarter, compared to analyst estimates of $175.45 million. During the same quarter last year, the firm earned $0.85 EPS. The company’s revenue was up 31.8% on a year-over-year basis. On average, equities research analysts expect that FB Financial Corporation will post 4.71 earnings per share for the current fiscal year.

FB Financial declared that its board has approved a stock repurchase program on Monday, April 27th that permits the company to buyback $175.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

FB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, May 12th. FB Financial’s payout ratio is 31.58%.

Wall Street Analysts Forecast Growth

FBK has been the topic of a number of research analyst reports. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Hovde Group reduced their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. 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 research note on Thursday, April 2nd. Cantor Fitzgerald set a $65.00 price target on shares of FB Financial in a research note on Wednesday, April 15th. Finally, Raymond James Financial raised shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $64.00.

FB Financial Profile

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.