William Blair Investment Management LLC Buys Shares of 361,846 FB Financial Corporation $FBK

William Blair Investment Management LLC purchased a new stake in FB Financial Corporation (NYSE:FBK) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 361,846 shares of the financial services provider’s stock, valued at approximately $20,028,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of FB Financial by 23.8% during the first quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock worth $2,752,000 after buying an additional 11,414 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in FB Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,149 shares of the financial services provider’s stock worth $980,000 after acquiring an additional 930 shares during the last quarter. Millennium Management LLC lifted its stake in FB Financial by 11.8% in the first quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock worth $16,419,000 after acquiring an additional 37,385 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in FB Financial during the 1st quarter worth approximately $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in FB Financial by 39.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 80,138 shares of the financial services provider’s stock worth $3,715,000 after acquiring an additional 22,662 shares in the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FBK. Benchmark raised their price objective on shares of FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Raymond James Financial increased their target price on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Hovde Group cut their price target on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $64.67.

FB Financial Trading Up 0.3%

Shares of FB Financial stock opened at $58.74 on Friday. The company has a fifty day simple moving average of $58.11 and a 200-day simple moving average of $55.63. FB Financial Corporation has a 12-month low of $49.24 and a 12-month high of $62.65. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 15.75 and a beta of 0.94.

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

FB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be given 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 dividend payout ratio is 22.52%.

FB Financial announced that its Board of Directors has authorized a share 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 buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

FB Financial Profile

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.