FB Financial (NYSE:FBK) Hits New 52-Week High – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FBK. Hovde Group lowered their target price on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Raymond James Financial lifted their price target on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Benchmark increased their price objective on FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a report on Tuesday, July 14th. Finally, Cantor Fitzgerald set a $65.00 price objective on shares of FB Financial in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $64.67.

FB Financial Stock Down 1.6%

The company’s 50-day moving average is $56.47 and its two-hundred day moving average is $55.45. The company has a market capitalization of $3.04 billion, a P/E ratio of 16.30 and a beta of 0.94.

FB Financial (NYSE:FBK) last announced its earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.14. The business had revenue of $175.94 million during 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%. On average, sell-side analysts predict that FB Financial Corporation will post 4.67 EPS for the current year.

FB Financial Dividend Announcement

The business 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 is Tuesday, August 11th. This represents a $0.84 annualized dividend and a yield of 1.4%. FB Financial’s payout ratio is 22.52%.

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

Institutional Investors Weigh In On FB Financial

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of FB Financial by 23.8% in the first quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock worth $2,752,000 after purchasing an additional 11,414 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in FB Financial by 4.6% in the 1st 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 increased its position in shares of FB Financial by 11.8% in the first quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock valued at $16,419,000 after acquiring an additional 37,385 shares during the period. Jones Financial Companies Lllp bought a new position in shares of FB Financial during the first quarter valued at about $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of FB Financial by 39.4% during the first 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 purchasing an additional 22,662 shares during the period. Hedge funds and other institutional investors own 65.40% of the company’s stock.

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.