FB Financial (NYSE:FBK) to Buyback $175.00 million in Outstanding Shares

Key Points

• FB Financial's board approved a $175.00 million stock buyback, authorizing repurchases of up to 6.3% of outstanding shares via open-market purchases, a move typically signaling management views the stock as undervalued.
• Analysts have turned more positive, with multiple upgrades leaving FBK with an average rating of "Buy" and a consensus price target of $64.00.
• FB Financial declared a quarterly dividend of $0.21 per share (annualized $0.84) with an ex-dividend date of May 12 and a yield of about 1.5%.

FB Financial (NYSE:FBK - Get Free Report) announced that its board has approved a stock repurchase plan on Monday, April 27th, RTT News reports. The company plans to repurchase $175.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

FBK has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of FB Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 22nd. Hovde Group dropped their price target on shares of FB Financial from $66.00 to $63.00 and set an "outperform" rating for the company in a research report on Monday. Raymond James Financial raised shares of FB Financial from a "market perform" rating to a "strong-buy" rating and set a $62.00 price target on the stock in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods decreased their price target on shares of FB Financial from $67.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, April 15th. Finally, Piper Sandler upgraded shares of FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 price target on the stock in a report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, FB Financial presently has an average rating of "Buy" and a consensus price target of $64.00.

FB Financial Trading Up 1.4%

Shares of FBK traded up $0.73 during mid-day trading on Monday, reaching $54.31. The company had a trading volume of 161,946 shares, compared to its average volume of 328,056. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 20.42 and a beta of 0.98. The firm has a fifty day simple moving average of $53.83 and a 200-day simple moving average of $55.77. FB Financial has a fifty-two week low of $41.74 and a fifty-two week high of $62.37.

FB Financial (NYSE:FBK - Get Free Report) last posted its earnings results on Monday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.01). The business had revenue of $172.71 million for the quarter, compared to analyst estimates of $175.45 million. FB Financial had a net margin of 14.26% and a return on equity of 11.64%. The business's revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 EPS. As a group, equities analysts predict that FB Financial will post 4.71 EPS for the current fiscal year.

FB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be issued a dividend of $0.21 per share. The ex-dividend date is Tuesday, May 12th. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. FB Financial's payout ratio is presently 31.58%.

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.

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