Geode Capital Management LLC Cuts Stake in FB Financial Corporation $FBK

Geode Capital Management LLC lessened its holdings in shares of FB Financial Corporation (NYSE:FBK) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 818,433 shares of the financial services provider’s stock after selling 10,010 shares during the quarter. Geode Capital Management LLC owned about 1.52% of FB Financial worth $37,077,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in FB Financial during the 1st quarter valued at approximately $39,275,000. Invesco Ltd. lifted its holdings in shares of FB Financial by 93.9% in the first quarter. Invesco Ltd. now owns 204,118 shares of the financial services provider’s stock worth $9,463,000 after buying an additional 98,843 shares in the last quarter. Keystone Financial Group Inc. bought a new position in shares of FB Financial during the second quarter worth $2,473,000. Mendon Capital Advisors Corp bought a new position in shares of FB Financial during the first quarter worth $2,318,000. Finally, Deutsche Bank AG grew its stake in FB Financial by 135.5% during the first quarter. Deutsche Bank AG now owns 75,384 shares of the financial services provider’s stock valued at $3,495,000 after acquiring an additional 43,370 shares in the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

FB Financial Price Performance

Shares of FBK stock opened at $56.17 on Thursday. The company has a market cap of $3.00 billion, a PE ratio of 26.25 and a beta of 0.97. The stock’s 50 day simple moving average is $55.13 and its two-hundred day simple moving average is $50.39. FB Financial Corporation has a 1 year low of $38.83 and a 1 year high of $60.51.

FB Financial (NYSE:FBK) last released its quarterly earnings results on Tuesday, February 15th. The financial services provider reported $1.14 earnings per share for the quarter. The company had revenue of $163.71 million for the quarter. FB Financial had a return on equity of 10.56% and a net margin of 11.73%. Equities research analysts expect that FB Financial Corporation will post 3.64 EPS for the current year.

FB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 11th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, November 10th. FB Financial’s dividend payout ratio (DPR) is 35.51%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler boosted their price target on shares of FB Financial from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Wall Street Zen upgraded FB Financial from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reissued a “hold (c)” rating on shares of FB Financial in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $66.00 price objective (up previously from $61.00) on shares of FB Financial in a research note on Thursday, October 16th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.80.

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.