12,218 Shares in FB Financial Corporation $FBK Purchased by Processus Wealth & Capital Management LLC

Processus Wealth & Capital Management LLC bought a new position in shares of FB Financial Corporation (NYSE:FBK) during the 2nd quarter, HoldingsChannel reports. The fund bought 12,218 shares of the financial services provider’s stock, valued at approximately $676,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in FB Financial during the fourth quarter worth approximately $27,000. Assetmark Inc. purchased a new stake in FB Financial in the 4th quarter valued at $30,000. Global Retirement Partners LLC acquired a new stake in shares of FB Financial in the 4th quarter worth $37,000. EverSource Wealth Advisors LLC increased its stake in shares of FB Financial by 1,152.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 795 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of FB Financial during the 1st quarter worth $63,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FBK shares. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Hovde Group cut their price objective on shares of 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 lifted their target price on shares of FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a report on Wednesday, April 15th. Finally, Weiss Ratings raised shares of 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 issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $64.67.

FB Financial Stock Up 1.1%

NYSE:FBK opened at $61.43 on Wednesday. The stock’s fifty day moving average is $56.97 and its two-hundred day moving average is $55.47. FB Financial Corporation has a 52 week low of $47.47 and a 52 week high of $62.44. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 16.47 and a beta of 0.94.

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 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 return on equity of 12.08% and a net margin of 19.00%. On average, sell-side analysts expect that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial declared that its Board of Directors has authorized a share repurchase plan on Monday, April 27th that allows the company to repurchase $175.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

FB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s dividend payout ratio is currently 22.52%.

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.