FB Financial (NYSE:FBK) Upgraded to “Strong-Buy” at Benchmark

FB Financial (NYSE:FBK) was upgraded by Benchmark to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald set a $65.00 price target on FB Financial in a report on Wednesday, April 15th. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Hovde Group dropped their target price on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Raymond James Financial raised shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, April 7th. Finally, Piper Sandler raised 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 note on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $64.00.

FB Financial Stock Up 1.3%

Shares of NYSE:FBK opened at $55.41 on Wednesday. The firm has a fifty day simple moving average of $53.41 and a two-hundred day simple moving average of $55.30. The stock has a market capitalization of $2.85 billion, a P/E ratio of 20.83 and a beta of 0.95. FB Financial has a 52 week low of $44.43 and a 52 week high of $62.37.

FB Financial (NYSE:FBK) last released its quarterly earnings results on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). The company had revenue of $172.71 million during the quarter, compared to analysts’ expectations of $175.45 million. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The company’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.85 EPS. On average, analysts expect that FB Financial will post 4.71 earnings per share for the current year.

FB Financial declared that its Board of Directors has approved a share buyback program on Monday, April 27th that authorizes the company to buyback $175.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On FB Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Private Wealth Group LLC purchased a new stake in shares of FB Financial in the 4th quarter valued at approximately $27,000. Assetmark Inc. acquired a new stake in shares of FB Financial during the 4th quarter worth about $30,000. Global Retirement Partners LLC purchased a new stake in FB Financial in the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC raised 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 valued at $39,000 after acquiring an additional 795 shares during the period. Finally, State of Wyoming acquired a new stake in shares of FB Financial in the first quarter valued at $63,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

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.