FB Financial (NYSE:FBK) Sets New 12-Month High - What's Next?

Key Points

• FB Financial shares reached a new 52-week high of $62.55, while analysts maintained a broadly bullish outlook. The stock has an average “Buy” rating and a consensus price target of $64.67.
• The company’s latest quarterly results met expectations with earnings of $1.14 per share, though revenue of $175.94 million fell slightly short of forecasts. Analysts expect full-year EPS of approximately $4.67.
• FB Financial declared a quarterly dividend of $0.21 per share and authorized a $175 million share-repurchase program, allowing buybacks of up to 6.3% of outstanding shares.

FB Financial Corporation (NYSE:FBK - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.55 and last traded at $62.3690, with a volume of 3653 shares changing hands. The stock had previously closed at $62.05.

Analysts Set New Price Targets

A number of research firms have recently commented on FBK. Raymond James Financial boosted their target price on shares of FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, July 1st. Hovde Group decreased 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 note on Monday, April 27th. Benchmark raised their price target 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. Weiss Ratings upgraded FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of FB Financial in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, FB Financial presently has an average rating of "Buy" and a consensus price target of $64.67.

FB Financial Trading Up 0.4%

The business has a fifty day simple moving average of $57.17 and a two-hundred day simple moving average of $55.48. The company has a market cap of $3.11 billion, a PE ratio of 16.69 and a beta of 0.94.

FB Financial (NYSE:FBK - Get Free Report) last announced its earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.14. The company had revenue of $175.94 million for the quarter, compared to analysts' expectations of $177.45 million. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. Equities analysts expect that FB Financial Corporation will post 4.67 EPS for the current year.

FB Financial Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial's dividend payout ratio is currently 22.52%.

FB Financial announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 27th that allows the company to buyback $175.00 million in shares. This buyback authorization allows the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FBK. CIBC Private Wealth Group LLC purchased a new stake in shares of FB Financial in the fourth quarter valued at approximately $27,000. Assetmark Inc. purchased a new position in FB Financial during the fourth quarter worth approximately $30,000. Global Retirement Partners LLC purchased a new position in FB Financial during the fourth quarter worth approximately $37,000. EverSource Wealth Advisors LLC boosted its stake in FB Financial by 1,152.2% during the second quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider's stock worth $39,000 after buying an additional 795 shares during the last quarter. Finally, State of Wyoming acquired a new position in FB Financial during the first quarter worth $63,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

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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