Artemis Investment Management LLP Purchases Shares of 33,603 FB Financial Corporation $FBK

Key Points

• Artemis Investment Management LLP bought 33,603 shares of FB Financial (about $1.875M) in the fourth quarter, representing roughly 0.06% of the company.
• FB Financial's board authorized a $175 million stock repurchase program (up to 6.3% of shares) and declared a quarterly dividend of $0.21 per share (annualized $0.84, ~1.6% yield; ex-dividend May 12, payable May 26).
• Multiple analysts have recently upgraded FBK; the consensus rating is Buy with an average price target of $64.00.

Artemis Investment Management LLP acquired a new stake in shares of FB Financial Corporation (NYSE:FBK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 33,603 shares of the financial services provider's stock, valued at approximately $1,875,000. Artemis Investment Management LLP owned about 0.06% of FB Financial at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in FB Financial by 21.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 266,327 shares of the financial services provider's stock valued at $14,845,000 after acquiring an additional 47,278 shares in the last quarter. Principal Financial Group Inc. grew its holdings in FB Financial by 18.3% during the 3rd quarter. Principal Financial Group Inc. now owns 202,784 shares of the financial services provider's stock worth $11,303,000 after acquiring an additional 31,382 shares in the last quarter. Strs Ohio increased its position in shares of FB Financial by 9,775.0% in the 3rd quarter. Strs Ohio now owns 118,500 shares of the financial services provider's stock valued at $6,605,000 after purchasing an additional 117,300 shares during the last quarter. Dana Investment Advisors Inc. purchased a new stake in shares of FB Financial in the 3rd quarter valued at approximately $1,682,000. Finally, 12th Street Asset Management Company LLC raised its holdings in shares of FB Financial by 10.3% in the 3rd quarter. 12th Street Asset Management Company LLC now owns 211,398 shares of the financial services provider's stock valued at $11,783,000 after purchasing an additional 19,717 shares in the last quarter. Hedge funds and other institutional investors own 65.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FBK shares. Raymond James Financial raised shares of FB Financial from a "market perform" rating to a "strong-buy" rating and set a $62.00 price objective for the company in a research report on Tuesday, April 7th. Piper Sandler upgraded FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 price target on the stock in a research note on Thursday, April 2nd. Hovde Group decreased their price target on FB Financial from $66.00 to $63.00 and set an "outperform" rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods lowered their price objective on FB Financial from $67.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, April 15th. Finally, Cantor Fitzgerald set a $65.00 price objective on FB Financial in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $64.00.

FB Financial Price Performance

NYSE FBK opened at $54.16 on Friday. The company has a fifty day moving average of $53.57 and a two-hundred day moving average of $55.73. The company has a market capitalization of $2.81 billion, a PE ratio of 20.36 and a beta of 0.97. FB Financial Corporation has a 1 year low of $42.29 and a 1 year high of $62.37.

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

FB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $0.84 annualized dividend and a yield of 1.6%. FB Financial's dividend payout ratio is currently 31.58%.

FB Financial declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 27th that authorizes the company to repurchase $175.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

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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