12th Street Asset Management Company LLC Acquires 34,873 Shares of FB Financial Corporation $FBK

Key Points

• 12th Street Asset Management increased its stake in FB Financial by 16.5% in the fourth quarter, buying 34,873 more shares and bringing its total to 246,271 shares worth about $13.7 million.
• FB Financial reported quarterly EPS of $1.12, slightly below expectations, while revenue came in at $172.7 million; revenue was still up 31.8% from a year earlier.
• The company announced a $175 million share repurchase program and a quarterly dividend of $0.21 per share, while analysts currently rate the stock a consensus Buy with a $64 average price target.

12th Street Asset Management Company LLC increased its holdings in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 16.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 246,271 shares of the financial services provider's stock after acquiring an additional 34,873 shares during the period. FB Financial comprises 2.3% of 12th Street Asset Management Company LLC's portfolio, making the stock its 17th biggest position. 12th Street Asset Management Company LLC owned about 0.46% of FB Financial worth $13,742,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FBK. ProShare Advisors LLC boosted its holdings in shares of FB Financial by 2.8% in the fourth quarter. ProShare Advisors LLC now owns 8,038 shares of the financial services provider's stock valued at $449,000 after purchasing an additional 216 shares during the period. Savant Capital LLC lifted its holdings in shares of FB Financial by 5.2% in the 3rd quarter. Savant Capital LLC now owns 4,977 shares of the financial services provider's stock worth $277,000 after buying an additional 245 shares during the period. Mutual of America Capital Management LLC grew its position in shares of FB Financial by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 4,705 shares of the financial services provider's stock worth $262,000 after buying an additional 278 shares in the last quarter. TBH Global Asset Management LLC grew its position in shares of FB Financial by 5.3% during the 4th quarter. TBH Global Asset Management LLC now owns 5,792 shares of the financial services provider's stock worth $323,000 after buying an additional 292 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of FB Financial by 155.9% during the third quarter. UMB Bank n.a. now owns 481 shares of the financial services provider's stock valued at $27,000 after buying an additional 293 shares during the period. Hedge funds and other institutional investors own 65.40% of the company's stock.

FB Financial Stock Up 0.1%

FBK opened at $52.73 on Tuesday. The company has a market cap of $2.72 billion, a P/E ratio of 19.82 and a beta of 0.97. The firm's 50-day moving average price is $53.05 and its 200-day moving average price is $55.53. FB Financial Corporation has a 52-week low of $42.29 and a 52-week high of $62.37.

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

FB Financial declared that its Board of Directors has initiated a stock repurchase program on Monday, April 27th that permits the company to repurchase $175.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

FB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be paid a $0.21 dividend. The ex-dividend date is Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. FB Financial's dividend payout ratio (DPR) is 31.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FBK shares. Piper Sandler upgraded shares of FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 price target for the company in a report on Thursday, April 2nd. Cantor Fitzgerald set a $65.00 price objective on shares of FB Financial in a report on Wednesday, April 15th. Keefe, Bruyette & Woods reduced their price objective on shares of FB Financial from $67.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, April 15th. Weiss Ratings upgraded FB Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 22nd. Finally, Hovde Group dropped their target price on FB Financial from $66.00 to $63.00 and set an "outperform" rating on the stock in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $64.00.

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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