Processus Wealth & Capital Management LLC Buys Shares of 12,218 FB Financial Corporation $FBK

Processus Wealth & Capital Management LLC bought a new position in FB Financial Corporation (NYSE:FBK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,218 shares of the financial services provider’s stock, valued at approximately $676,000.

Other hedge funds have also modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new position in shares of FB Financial in the 4th quarter worth approximately $27,000. Assetmark Inc. purchased a new stake in FB Financial during the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new stake in FB Financial during the fourth quarter valued at approximately $37,000. EverSource Wealth Advisors LLC boosted its stake in 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 valued at $39,000 after acquiring an additional 795 shares in the last quarter. Finally, State of Wyoming acquired a new stake in FB Financial in the first quarter valued at approximately $63,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

FB Financial Stock Up 1.1%

Shares of FBK stock opened at $61.43 on Wednesday. FB Financial Corporation has a 52-week low of $47.47 and a 52-week high of $62.44. The business has a 50-day simple moving average of $56.97 and a 200-day simple moving average of $55.47. The stock has a market cap of $3.07 billion, a PE ratio of 16.47 and a beta of 0.94.

FB Financial (NYSE:FBK) last posted its earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.14. The business had revenue of $175.94 million for the quarter, compared to analyst estimates of $177.45 million. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. Sell-side analysts anticipate that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.4%. FB Financial’s payout ratio is currently 22.52%.

FB Financial declared that its board has approved a stock buyback plan on Monday, April 27th that permits the company to repurchase $175.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Benchmark upped their price target on FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Hovde Group lowered their price objective on FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Weiss Ratings upgraded FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Finally, Cantor Fitzgerald set a $65.00 target price on FB Financial in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $64.67.

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.