Benchmark Upgrades FB Financial (NYSE:FBK) to Strong-Buy

FB Financial (NYSE:FBK) was upgraded by analysts at Benchmark to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald set a $65.00 price objective on FB Financial in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods lowered their price target on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 15th. Hovde Group reduced their price objective on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. 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. Finally, Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target for the company in a report on Thursday, April 2nd. Two research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $64.00.

FB Financial Stock Up 1.3%

Shares of FBK stock opened at $55.41 on Wednesday. The firm has a 50 day moving average of $53.41 and a 200-day moving average of $55.30. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 20.83 and a beta of 0.95. FB Financial has a 52 week low of $44.43 and a 52 week high of $62.37.

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

FB Financial announced that its Board of Directors has authorized a share buyback program on Monday, April 27th that allows the company to repurchase $175.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On FB Financial

Institutional investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new stake in FB Financial during the fourth quarter valued at $27,000. Assetmark Inc. bought a new position in shares of FB Financial in the fourth quarter worth about $30,000. Global Retirement Partners LLC bought a new position in shares of FB Financial during the 4th quarter valued at approximately $37,000. EverSource Wealth Advisors LLC boosted its position in shares of FB Financial by 1,152.2% in the second quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 795 shares during the period. Finally, State of Wyoming bought a new position in FB Financial in the 1st quarter worth $63,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.

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.