Banc Funds Co. LLC Invests $9.95 Million in FB Financial Corporation $FBK

Banc Funds Co. LLC bought a new stake in shares of FB Financial Corporation (NYSE:FBK) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 178,496 shares of the financial services provider’s stock, valued at approximately $9,949,000. FB Financial comprises approximately 1.7% of Banc Funds Co. LLC’s portfolio, making the stock its 15th largest holding.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of FB Financial by 21.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 266,327 shares of the financial services provider’s stock valued at $14,845,000 after purchasing an additional 47,278 shares during the period. Principal Financial Group Inc. lifted its position in shares of FB Financial by 18.3% during the 3rd quarter. Principal Financial Group Inc. now owns 202,784 shares of the financial services provider’s stock worth $11,303,000 after buying an additional 31,382 shares during the period. M Holdings Securities Inc. bought a new position in shares of FB Financial during the 2nd quarter worth approximately $794,000. Deprince Race & Zollo Inc. acquired a new stake in FB Financial in the 3rd quarter valued at $48,674,000. Finally, Dana Investment Advisors Inc. bought a new stake in FB Financial in the third quarter valued at $1,682,000. Institutional investors own 65.40% of the company’s stock.

Insider Activity

In related news, major shareholder James Austin Mcpherson sold 8,500 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $60.06, for a total transaction of $510,510.00. Following the transaction, the insider owned 9,484 shares in the company, valued at $569,609.04. This represents a 47.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wall Street Zen upgraded FB Financial from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Piper Sandler downgraded shares of FB Financial from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $63.00 to $65.00 in a research note on Friday, January 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of FB Financial in a research report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.20.

FB Financial Price Performance

NYSE FBK opened at $51.15 on Friday. The firm has a market cap of $2.65 billion, a PE ratio of 21.31 and a beta of 0.99. FB Financial Corporation has a one year low of $38.83 and a one year high of $62.37. The stock’s 50 day simple moving average is $57.46 and its 200 day simple moving average is $56.11.

FB Financial (NYSE:FBK) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. The firm had revenue of $178.36 million during the quarter, compared to the consensus estimate of $176.30 million. FB Financial had a return on equity of 11.21% and a net margin of 13.07%.During the same quarter in the previous year, the company posted $0.85 EPS. As a group, equities analysts expect that FB Financial Corporation will post 3.64 earnings per share for the current year.

FB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. This is a boost from FB Financial’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, February 10th. FB Financial’s dividend payout ratio is 35.00%.

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.