Waverly Advisors LLC Has $2.65 Million Holdings in FB Financial Corporation $FBK

Waverly Advisors LLC cut its holdings in shares of FB Financial Corporation (NYSE:FBK) by 32.9% during the first quarter, Holdings Channel reports. The fund owned 50,987 shares of the financial services provider’s stock after selling 24,986 shares during the period. Waverly Advisors LLC’s holdings in FB Financial were worth $2,648,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FBK. CIBC Private Wealth Group LLC bought a new position in FB Financial in the 4th quarter valued at $27,000. Assetmark Inc. bought a new stake in shares of FB Financial during the fourth quarter worth $30,000. Global Retirement Partners LLC acquired a new stake in shares of FB Financial in the fourth quarter valued at $37,000. EverSource Wealth Advisors LLC increased its stake in shares of 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 valued at $39,000 after buying an additional 795 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of FB Financial in the first quarter valued at about $63,000. 65.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FBK. 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 research report on Monday, April 27th. Benchmark boosted their target price on shares of FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of FB Financial in a research report on Monday, July 20th. Cantor Fitzgerald set a $65.00 price target on shares of FB Financial in a research note on Wednesday, April 15th. Finally, Raymond James Financial raised their price target on shares of FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, FB Financial currently has a consensus rating of “Buy” and an average target price of $64.67.

FB Financial Stock Up 0.7%

FB Financial stock opened at $60.11 on Friday. The business’s 50-day simple moving average is $55.65 and its 200 day simple moving average is $55.38. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 16.11 and a beta of 0.95. FB Financial Corporation has a 12-month low of $46.95 and a 12-month high of $62.37.

FB Financial (NYSE:FBK) last announced its quarterly earnings data on Monday, July 13th. The financial services provider reported $1.14 earnings per share for the quarter, hitting the consensus estimate of $1.14. FB Financial had a return on equity of 12.08% and a net margin of 19.00%.The firm had revenue of $175.94 million during the quarter, compared to analysts’ expectations of $177.45 million. As a group, sell-side analysts expect that FB Financial Corporation will post 4.67 EPS for the current year.

FB Financial declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

FB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s payout ratio is 22.52%.

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.