Allianz Asset Management GmbH Purchases New Position in FB Financial Corporation (NYSE:FBK)

Key Points

• Allianz Asset Management GmbH acquired 6,700 shares of FB Financial Corporation, valued at approximately $311,000, as part of its new position reported in a recent SEC filing.
• FB Financial recently announced a quarterly dividend of $0.19 per share, with an annualized yield of 1.6%, to be paid on August 26th.
• FB Financial's stock has seen a 2.5% decline, and the company missed earnings estimates, reporting $0.88 EPS against an expected $0.89.

Allianz Asset Management GmbH acquired a new stake in shares of FB Financial Corporation (NYSE:FBK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,700 shares of the financial services provider's stock, valued at approximately $311,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LPL Financial LLC bought a new stake in FB Financial in the 4th quarter valued at $206,000. JPMorgan Chase & Co. lifted its stake in FB Financial by 293.8% in the fourth quarter. JPMorgan Chase & Co. now owns 262,947 shares of the financial services provider's stock valued at $13,544,000 after buying an additional 196,172 shares in the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of FB Financial in the fourth quarter worth $277,000. Russell Investments Group Ltd. increased its holdings in FB Financial by 6.9% during the fourth quarter. Russell Investments Group Ltd. now owns 16,216 shares of the financial services provider's stock worth $835,000 after buying an additional 1,042 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in FB Financial by 3.0% during the fourth quarter. Federated Hermes Inc. now owns 339,938 shares of the financial services provider's stock worth $17,510,000 after buying an additional 9,995 shares during the last quarter. Institutional investors own 65.40% of the company's stock.

FB Financial Trading Up 0.1%

Shares of FBK traded up $0.03 during trading hours on Thursday, reaching $47.60. 534,021 shares of the company traded hands, compared to its average volume of 266,548. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 24.67 and a beta of 0.92. FB Financial Corporation has a 12-month low of $38.83 and a 12-month high of $58.88. The stock's fifty day moving average price is $46.04 and its 200 day moving average price is $46.57.

FB Financial (NYSE:FBK - Get Free Report) last released its earnings results 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). FB Financial had a return on equity of 10.15% and a net margin of 11.46%. The company had revenue of $76.86 million for the quarter, compared to analysts' expectations of $136.32 million. On average, research analysts forecast that FB Financial Corporation will post 3.64 earnings per share for the current year.

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, August 12th. FB Financial's payout ratio is 39.38%.

Wall Street Analysts Forecast Growth

FBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised shares of FB Financial from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $52.00 to $58.00 in a research report on Friday, July 11th. Wall Street Zen downgraded shares of FB Financial from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Piper Sandler reduced their price target on shares of FB Financial from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.25.

FB Financial Company Profile

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.