FB Financial (NYSE:FBK) Upgraded by Hovde Group to Outperform

Hovde Group upgraded shares of FB Financial (NYSE:FBK) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. They currently have $40.50 price target on the financial services provider’s stock, up from their prior price target of $40.00.

Several other equities analysts also recently commented on FBK. Stephens lowered their target price on shares of FB Financial from $45.00 to $41.00 and set an equal weight rating on the stock in a report on Wednesday, January 17th. StockNews.com downgraded shares of FB Financial from a hold rating to a sell rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $39.43.

FB Financial Price Performance

FBK opened at $35.56 on Tuesday. The firm has a market cap of $1.67 billion, a P/E ratio of 14.94 and a beta of 1.15. FB Financial has a 1-year low of $24.34 and a 1-year high of $41.00. The company has a 50 day simple moving average of $35.96 and a two-hundred day simple moving average of $35.12.

FB Financial (NYSE:FBK) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. FB Financial had a net margin of 14.90% and a return on equity of 10.20%. The business had revenue of $116.43 million during the quarter, compared to analyst estimates of $121.58 million. During the same period in the prior year, the business posted $0.85 earnings per share. Equities analysts anticipate that FB Financial will post 2.84 earnings per share for the current year.

FB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were paid a dividend of $0.17 per share. This is an increase from FB Financial’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.68 dividend on an annualized basis and a yield of 1.91%. FB Financial’s dividend payout ratio is presently 28.57%.

Insider Activity at FB Financial

In other FB Financial news, major shareholder James W. Ayers purchased 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were bought at an average price of $35.91 per share, with a total value of $107,730.00. Following the completion of the purchase, the insider now directly owns 10,884,841 shares in the company, valued at $390,874,640.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder James W. Ayers bought 3,000 shares of FB Financial stock in a transaction dated Tuesday, February 13th. The shares were acquired at an average price of $35.91 per share, with a total value of $107,730.00. Following the completion of the purchase, the insider now owns 10,884,841 shares in the company, valued at approximately $390,874,640.31. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder James W. Ayers bought 2,000 shares of FB Financial stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average cost of $36.35 per share, for a total transaction of $72,700.00. Following the purchase, the insider now owns 10,886,841 shares of the company’s stock, valued at approximately $395,736,670.35. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,000 shares of company stock valued at $256,830 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FB Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FBK. JPMorgan Chase & Co. raised its stake in shares of FB Financial by 9.6% in the first quarter. JPMorgan Chase & Co. now owns 94,767 shares of the financial services provider’s stock valued at $4,210,000 after acquiring an additional 8,263 shares during the period. American Century Companies Inc. raised its stake in shares of FB Financial by 20.4% in the first quarter. American Century Companies Inc. now owns 42,955 shares of the financial services provider’s stock valued at $1,908,000 after acquiring an additional 7,283 shares during the period. Citigroup Inc. grew its holdings in shares of FB Financial by 16.3% in the first quarter. Citigroup Inc. now owns 31,613 shares of the financial services provider’s stock worth $1,404,000 after purchasing an additional 4,442 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of FB Financial by 57.4% in the first quarter. MetLife Investment Management LLC now owns 17,187 shares of the financial services provider’s stock worth $763,000 after purchasing an additional 6,267 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of FB Financial by 2.9% in the first quarter. Rhumbline Advisers now owns 92,950 shares of the financial services provider’s stock worth $4,129,000 after purchasing an additional 2,589 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

About FB Financial

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.