MQS Management LLC Takes Position in FB Financial Corporation $FBK

MQS Management LLC acquired a new position in shares of FB Financial Corporation (NYSE:FBK) during the first quarter, Holdings Channel reports. The fund acquired 10,535 shares of the financial services provider’s stock, valued at approximately $547,000.

Other large investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its position in FB Financial by 1,690,485.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider’s stock valued at $174,519,000 after buying an additional 3,127,398 shares in the last quarter. Vanguard Group Inc. raised its position in shares of FB Financial by 2.0% during 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. Dimensional Fund Advisors LP raised its position in shares of FB Financial by 5.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,019,971 shares of the financial services provider’s stock worth $112,592,000 after purchasing an additional 109,318 shares during the period. Wellington Management Group LLP lifted its holdings in shares of FB Financial by 171.3% in the 4th quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock worth $96,513,000 after purchasing an additional 1,092,126 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of FB Financial by 4.9% in the 2nd quarter. State Street Corp now owns 1,621,116 shares of the financial services provider’s stock worth $73,437,000 after purchasing an additional 75,951 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on FBK. Raymond James Financial upgraded shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target for the company in a research note on Tuesday, April 7th. Hovde Group dropped their price objective on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective for the company in a report on Thursday, April 2nd. Keefe, Bruyette & Woods decreased their target price on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, April 15th. Finally, Weiss Ratings upgraded shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.00.

FB Financial Stock Up 0.2%

Shares of NYSE:FBK opened at $55.25 on Wednesday. The business’s 50 day moving average is $53.50 and its 200 day moving average is $55.25. FB Financial Corporation has a 12-month low of $45.10 and a 12-month high of $62.37. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 20.77 and a beta of 0.95.

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 analysts’ consensus estimates of $1.13 by ($0.01). FB Financial had a net margin of 14.26% and a return on equity of 11.64%. The company had revenue of $172.71 million during the quarter, compared to analysts’ expectations of $175.45 million. During the same period in the previous year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. As a group, equities research analysts expect that FB Financial Corporation will post 4.71 earnings per share for the current year.

FB Financial declared that its board has authorized a stock repurchase program on Monday, April 27th that permits the company to buyback $175.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

FB Financial Dividend Announcement

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

FB Financial 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.