Cantor Fitzgerald Initiates Coverage on FB Financial (NYSE:FBK)

Key Points

• Cantor Fitzgerald has initiated coverage on FB Financial (NYSE:FBK) with an "overweight" rating and a price target of $61.00, indicating a potential upside of 14.64% from the current stock price.
• FB Financial reported earnings of $0.88 per share, missing estimates by $0.01, with revenues falling below analyst expectations at $76.86 million.
• Multiple hedge funds have significantly increased their stakes in FB Financial, with a reported ownership of 65.40% from institutional investors.

Research analysts at Cantor Fitzgerald assumed coverage on shares of FB Financial (NYSE:FBK - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $61.00 price target on the financial services provider's stock. Cantor Fitzgerald's price objective would indicate a potential upside of 15.98% from the company's current price.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered FB Financial from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods raised FB Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $52.00 to $58.00 in a research note on Friday, July 11th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, FB Financial currently has an average rating of "Buy" and a consensus target price of $58.80.

FB Financial Price Performance

Shares of NYSE FBK traded down $0.43 during midday trading on Wednesday, reaching $52.60. The company's stock had a trading volume of 64,723 shares, compared to its average volume of 276,746. The stock has a market capitalization of $2.83 billion, a P/E ratio of 27.23 and a beta of 0.93. The firm has a 50 day moving average price of $50.25 and a 200-day moving average price of $46.47. FB Financial has a 12-month low of $38.83 and a 12-month high of $58.88.

FB Financial (NYSE:FBK - Get Free Report) last announced its quarterly earnings data on Monday, July 14th. The financial services provider reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $76.86 million for the quarter, compared to the consensus estimate of $136.32 million. FB Financial had a net margin of 11.46% and a return on equity of 10.15%. On average, equities analysts predict that FB Financial will post 3.64 EPS for the current year.

Institutional Trading of FB Financial

Several hedge funds have recently bought and sold shares of FBK. Squarepoint Ops LLC boosted its position in shares of FB Financial by 316.3% in the second quarter. Squarepoint Ops LLC now owns 65,624 shares of the financial services provider's stock worth $2,973,000 after purchasing an additional 49,861 shares during the period. Public Sector Pension Investment Board lifted its holdings in FB Financial by 5.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 117,485 shares of the financial services provider's stock worth $5,322,000 after purchasing an additional 6,491 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in FB Financial by 358.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,304 shares of the financial services provider's stock worth $240,000 after purchasing an additional 4,146 shares during the period. Captrust Financial Advisors grew its holdings in FB Financial by 16.6% during the 2nd quarter. Captrust Financial Advisors now owns 25,236 shares of the financial services provider's stock valued at $1,143,000 after buying an additional 3,586 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its position in shares of FB Financial by 35.7% during the second quarter. Rafferty Asset Management LLC now owns 35,566 shares of the financial services provider's stock valued at $1,611,000 after buying an additional 9,349 shares during the last quarter. Institutional investors own 65.40% of the company's stock.

About FB Financial

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.