Hsbc Holdings PLC Purchases Shares of 11,000 FB Financial Corporation $FBK

Hsbc Holdings PLC acquired a new stake in FB Financial Corporation (NYSE:FBK) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,000 shares of the financial services provider’s stock, valued at approximately $615,000.

A number of other hedge funds have also recently made changes to their positions in FBK. Mercer Global Advisors Inc. ADV boosted its stake in shares of FB Financial by 37.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,717 shares of the financial services provider’s stock worth $765,000 after acquiring an additional 3,701 shares during the period. State of Tennessee Department of Treasury raised its stake in FB Financial by 54.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 13,370 shares of the financial services provider’s stock valued at $769,000 after purchasing an additional 4,687 shares during the period. NewEdge Advisors LLC purchased a new position in FB Financial in the 4th quarter worth approximately $2,638,000. Wellington Management Group LLP lifted its holdings in 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, Twinbeech Capital LP bought a new position in FB Financial in the 4th quarter worth approximately $246,000. Institutional investors own 65.40% of the company’s stock.

FB Financial Price Performance

Shares of FBK opened at $58.98 on Thursday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 15.81 and a beta of 0.95. FB Financial Corporation has a 1 year low of $46.95 and a 1 year high of $62.37. The business’s 50 day simple moving average is $54.11 and its 200-day simple moving average is $55.19.

FB Financial (NYSE:FBK) last posted its earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.14. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. The firm had revenue of $175.94 million during the quarter, compared to analyst estimates of $177.45 million. On average, sell-side analysts expect that FB Financial Corporation will post 4.66 earnings per share for the current year.

FB Financial Dividend Announcement

The firm 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 1.4%. FB Financial’s dividend payout ratio (DPR) is 22.52%.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 target price on the stock in a report on Thursday, April 2nd. Benchmark upped their target price on shares of FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research note on Tuesday. Finally, Hovde Group reduced their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. 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 MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $64.67.

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.