FB Financial (NYSE:FBK) Issues Earnings Results

FB Financial (NYSE:FBK) announced its quarterly earnings results on Monday. The financial services provider reported $1.14 EPS for the quarter, meeting the consensus estimate of $1.14, FiscalAI reports. The business had revenue of $175.94 million for the quarter, compared to analyst estimates of $177.94 million. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.

FB Financial Stock Performance

Shares of FBK opened at $56.63 on Tuesday. FB Financial has a 1 year low of $45.58 and a 1 year high of $62.37. The stock has a market capitalization of $2.92 billion, a PE ratio of 21.29 and a beta of 0.95. The stock has a 50-day simple moving average of $53.93 and a 200-day simple moving average of $55.16.

FB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were given a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. FB Financial’s dividend payout ratio (DPR) is currently 31.58%.

Analysts Set New Price Targets

FBK has been the subject of a number of recent analyst reports. Benchmark initiated coverage on FB Financial in a research report on Wednesday, June 24th. They set a “buy” rating and a $64.00 price objective for the company. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research note on Wednesday, April 15th. Weiss Ratings upgraded shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 22nd. 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. Finally, Keefe, Bruyette & Woods dropped their target price on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $64.17.

Institutional Trading of FB Financial

Hedge funds have recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV increased its position in shares of FB Financial by 37.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,717 shares of the financial services provider’s stock valued at $765,000 after purchasing an additional 3,701 shares during the last quarter. State of Tennessee Department of Treasury lifted its position in shares of FB Financial by 54.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 13,370 shares of the financial services provider’s stock worth $769,000 after purchasing an additional 4,687 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of FB Financial during the fourth quarter worth $2,638,000. Wellington Management Group LLP grew its stake in shares of FB Financial by 171.3% during the fourth quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock worth $96,513,000 after purchasing an additional 1,092,126 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new position in FB Financial in the fourth quarter valued at $246,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

FB Financial declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 27th that authorizes the company to repurchase $175.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.