Louisiana State Employees Retirement System Invests $930,000 in FB Financial Corporation $FBK

Louisiana State Employees Retirement System acquired a new position in FB Financial Corporation (NYSE:FBK) in the 1st quarter, HoldingsChannel reports. The fund acquired 17,900 shares of the financial services provider’s stock, valued at approximately $930,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FBK. Certuity LLC grew its stake in FB Financial by 1,205.7% during the third quarter. Certuity LLC now owns 268,039 shares of the financial services provider’s stock valued at $14,940,000 after acquiring an additional 247,511 shares in the last quarter. Banc Funds Co. LLC purchased a new position in shares of FB Financial during the 3rd quarter valued at $9,949,000. Artemis Investment Management LLP purchased a new position in shares of FB Financial during the 4th quarter valued at $1,875,000. Vanguard Group Inc. increased its holdings 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 during the period. Finally, Stieven Capital Advisors L.P. bought a new position in shares of FB Financial in the third quarter worth $6,004,000. 65.40% of the stock is currently owned by institutional investors.

FB Financial Trading Up 0.2%

Shares of FB Financial stock opened at $56.01 on Monday. The firm has a market capitalization of $2.89 billion, a PE ratio of 21.05 and a beta of 0.95. FB Financial Corporation has a 12 month low of $45.58 and a 12 month high of $62.37. The business’s 50-day moving average price is $53.65 and its 200-day moving average price is $55.19.

FB Financial (NYSE:FBK) last released its earnings results on Monday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). The firm had revenue of $172.71 million during the quarter, compared to the consensus estimate of $175.45 million. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 EPS. As a group, analysts predict that FB Financial Corporation will post 4.66 earnings per share for the current fiscal year.

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

FB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Tuesday, May 12th. FB Financial’s payout ratio is presently 31.58%.

Wall Street Analyst Weigh In

FBK has been the subject of several recent analyst reports. Benchmark started coverage on FB Financial in a research report on Wednesday, June 24th. They set a “buy” rating and a $64.00 target price for the company. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 22nd. Cantor Fitzgerald set a $65.00 price objective on FB Financial in a report on Wednesday, April 15th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective on the stock in a research report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods lowered their target price 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. Two 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 MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $64.17.

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.