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

FB Financial Corporation (NYSE:FBK) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.55 and last traded at $62.3690, with a volume of 3653 shares trading hands. The stock had previously closed at $62.05.

Wall Street Analyst Weigh In

FBK has been the subject of a number of recent analyst reports. Hovde Group decreased their target price 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 increased their price target on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Benchmark lifted their price target on FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings raised FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat.com, FB Financial has a consensus rating of “Buy” and a consensus target price of $64.67.

FB Financial Price Performance

The firm’s fifty day moving average is $57.53 and its 200 day moving average is $55.56. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 16.59 and a beta of 0.94.

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

FB Financial Announces Dividend

The company 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. This represents a $0.84 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s dividend payout ratio (DPR) is 22.52%.

FB Financial declared that its board has initiated a stock buyback program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On FB Financial

A number of hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new stake in FB Financial during the 4th quarter valued at $27,000. Assetmark Inc. acquired a new position in FB Financial in the fourth quarter worth $30,000. Global Retirement Partners LLC acquired a new position in FB Financial in the fourth quarter worth $37,000. EverSource Wealth Advisors LLC boosted its stake in FB Financial by 1,152.2% in the second quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 795 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of FB Financial during the first quarter worth $63,000. Institutional investors and hedge funds 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.