Peregrine Capital Management LLC Has $4.74 Million Stock Holdings in FB Financial Corporation $FBK

Peregrine Capital Management LLC lowered its stake in FB Financial Corporation (NYSE:FBK) by 19.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 91,277 shares of the financial services provider’s stock after selling 21,811 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.18% of FB Financial worth $4,741,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new position in FB Financial in the fourth quarter valued at approximately $27,000. Assetmark Inc. bought a new stake in shares of FB Financial during the 4th quarter worth approximately $30,000. Global Retirement Partners LLC bought a new stake in shares of FB Financial during the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC boosted its holdings 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 buying an additional 795 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of FB Financial in the 3rd quarter valued at approximately $75,000. Institutional investors own 65.40% of the company’s stock.

FB Financial Stock Up 2.2%

FB Financial stock opened at $56.58 on Thursday. The company’s 50-day moving average price is $53.54 and its two-hundred day moving average price is $55.23. The stock has a market cap of $2.92 billion, a P/E ratio of 21.27 and a beta of 0.95. FB Financial Corporation has a twelve month low of $45.58 and a twelve month high of $62.37.

FB Financial (NYSE:FBK) last issued its quarterly earnings data on Monday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). The firm had revenue of $172.71 million for the quarter, compared to the consensus estimate 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 firm earned $0.85 EPS. Equities analysts anticipate that FB Financial Corporation will post 4.71 earnings per share for the current fiscal year.

FB Financial announced that its board 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 purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

FB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.21 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.84 annualized dividend and a yield of 1.5%. FB Financial’s dividend payout ratio (DPR) is presently 31.58%.

Wall Street Analyst Weigh In

FBK has been the subject of several analyst reports. 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 note on Wednesday, April 15th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target for the company in a research note on Thursday, April 2nd. Raymond James Financial lifted their price objective on shares of FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research report on Wednesday. Cantor Fitzgerald set a $65.00 price objective on shares of FB Financial in a research note on Wednesday, April 15th. Finally, Benchmark assumed coverage on shares of FB Financial in a report on Wednesday, June 24th. They issued a “buy” rating and a $64.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $64.17.

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.