FB Financial (NYSE:FBK) Reaches New 1-Year High – Here’s What Happened

Shares of FB Financial Corporation (NYSE:FBK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $62.44 and last traded at $61.82, with a volume of 4641 shares traded. The stock had previously closed at $62.05.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of FB Financial in a report on Monday, July 20th. Benchmark increased their target price on FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Hovde Group decreased their target price 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. Raymond James Financial boosted their price target on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Cantor Fitzgerald set a $65.00 price target 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 assigned a Buy rating to the company’s stock. According to data from MarketBeat, FB Financial has an average rating of “Buy” and a consensus target price of $64.67.

FB Financial Trading Down 0.2%

The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 16.60 and a beta of 0.94. The firm has a 50-day moving average of $56.14 and a 200 day moving average of $55.43.

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

FB Financial Dividend Announcement

The business also recently declared 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 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 (DPR) is 22.52%.

FB Financial declared that its Board of Directors has approved a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its holdings 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 purchasing an additional 3,127,398 shares during the period. Vanguard Group Inc. lifted its position in shares of FB Financial by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,018,224 shares of the financial services provider’s stock worth $168,417,000 after purchasing an additional 60,430 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of FB Financial by 5.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,019,971 shares of the financial services provider’s stock worth $112,592,000 after purchasing an additional 109,318 shares during the period. Wellington Management Group LLP grew its position in FB Financial by 171.3% during 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 purchasing an additional 1,092,126 shares in the last quarter. Finally, State Street Corp grew its position in FB Financial by 4.9% during the second quarter. State Street Corp now owns 1,621,116 shares of the financial services provider’s stock valued at $73,437,000 after purchasing an additional 75,951 shares in the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

FB Financial Company 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.