FB Financial (NYSE:FBK) Reaches New 1-Year High - Here's What Happened

Key Points

• FB Financial shares reached a new 52-week high of $62.44 and last traded at $61.82, supported by an overall analyst consensus rating of “Buy” and an average price target of $64.67.
• The company’s latest quarterly results matched expectations with earnings of $1.14 per share, while revenue of $175.94 million came in slightly below forecasts.
• FB Financial declared a quarterly dividend of $0.21 per share and authorized a $175 million share buyback, allowing repurchases of up to 6.3% of outstanding shares.

FB Financial Corporation (NYSE:FBK - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $62.44 and last traded at $61.82, with a volume of 4641 shares trading hands. The stock had previously closed at $62.05.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Hovde Group decreased their target price 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. Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of FB Financial in a report on Tuesday, July 14th. Cantor Fitzgerald set a $65.00 price objective on shares of FB Financial in a research note on Wednesday, April 15th. Benchmark raised their price objective on shares of FB Financial from $64.00 to $67.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Finally, Raymond James Financial boosted their price objective on shares of FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $64.67.

FB Financial Stock Performance

The company has a market capitalization of $3.19 billion, a PE ratio of 16.60 and a beta of 0.94. The stock's fifty day simple moving average is $56.14 and its 200-day simple moving average is $55.43.

FB Financial (NYSE:FBK - Get Free Report) last released its earnings results on Monday, July 13th. The financial services provider reported $1.14 EPS for the quarter, hitting the consensus estimate 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 analysts' expectations of $177.45 million. On average, equities analysts anticipate that FB Financial Corporation will post 4.67 EPS for the current year.

FB Financial Announces Dividend

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

FB Financial declared that its Board of Directors has approved a share buyback 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 reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On FB Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its position in shares of FB Financial by 1,690,485.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider's stock worth $174,519,000 after buying an additional 3,127,398 shares in the last quarter. Vanguard Group Inc. boosted its stake in FB Financial by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 3,018,224 shares of the financial services provider's stock valued at $168,417,000 after acquiring an additional 60,430 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in FB Financial by 5.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,019,971 shares of the financial services provider's stock valued at $112,592,000 after acquiring an additional 109,318 shares during the last quarter. Wellington Management Group LLP grew its holdings in FB Financial by 171.3% during 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 acquiring an additional 1,092,126 shares in the last quarter. Finally, State Street Corp grew its holdings in FB Financial by 4.9% during the 2nd quarter. State Street Corp now owns 1,621,116 shares of the financial services provider's stock worth $73,437,000 after acquiring an additional 75,951 shares in the last quarter. Hedge funds and other institutional investors own 65.40% of the company's stock.

FB Financial Company 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.

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