MQS Management LLC Invests $547,000 in FB Financial Corporation $FBK

MQS Management LLC acquired a new position in FB Financial Corporation (NYSE:FBK) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,535 shares of the financial services provider’s stock, valued at approximately $547,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FBK. Northwestern Mutual Wealth Management Co. grew its position in shares of FB Financial by 1,690,485.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider’s stock valued at $174,519,000 after buying an additional 3,127,398 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of FB Financial by 171.3% in the fourth quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock valued at $96,513,000 after buying an additional 1,092,126 shares during the period. North Reef Capital Management LP bought a new position in shares of FB Financial during the fourth quarter worth about $49,812,000. Loomis Sayles & Co. L P raised its position in shares of FB Financial by 220.6% during the fourth quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider’s stock worth $54,389,000 after acquiring an additional 670,691 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of FB Financial in the fourth quarter worth approximately $26,963,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Hovde Group reduced their target price on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Piper Sandler upgraded 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. 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. Keefe, Bruyette & Woods reduced their price objective on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 15th. Finally, Raymond James Financial upgraded shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research report on Tuesday, April 7th. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $64.00.

FB Financial Price Performance

Shares of FB Financial stock opened at $55.25 on Wednesday. FB Financial Corporation has a one year low of $45.10 and a one year high of $62.37. The stock’s 50-day moving average is $53.50 and its 200 day moving average is $55.25. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 20.77 and a beta of 0.95.

FB Financial (NYSE:FBK) last released its 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 business had revenue of $172.71 million for the quarter, compared to analyst estimates of $175.45 million. During the same period in the prior year, the business earned $0.85 EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, sell-side analysts expect that FB Financial Corporation will post 4.71 EPS for the current fiscal year.

FB Financial Announces Dividend

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

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