Bank of America Corp DE Makes New $39.46 Million Investment in FB Financial Corporation $FBK

Key Points

• Bank of America acquired 712,922 FB Financial shares worth approximately $39.46 million, gaining a 1.43% stake. Institutional investors collectively own 65.4% of the company, including a new $348.6 million position from BlackRock.
• FB Financial reported quarterly EPS of $1.14, matching analyst estimates, while revenue of $175.94 million came in slightly below expectations. The company also paid a $0.21 quarterly dividend, representing a 1.6% yield.
• Analysts remain positive on FB Financial, with an average “Buy” rating and a consensus price target of $64.67, above the stock’s reported $53.65 opening price.

Bank of America Corp DE bought a new stake in shares of FB Financial Corporation (NYSE:FBK - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 712,922 shares of the financial services provider's stock, valued at approximately $39,460,000. Bank of America Corp DE owned 1.43% of FB Financial at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of FB Financial in the second quarter worth about $348,592,000. Northwestern Mutual Wealth Management Co. lifted its holdings in FB Financial by 1,690,485.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider's stock valued at $174,519,000 after buying an additional 3,127,398 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in FB Financial by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,000,484 shares of the financial services provider's stock valued at $103,905,000 after buying an additional 28,023 shares during the period. Deprince Race & Zollo Inc. boosted its position in FB Financial by 9.4% in the 1st quarter. Deprince Race & Zollo Inc. now owns 1,036,393 shares of the financial services provider's stock valued at $53,830,000 after buying an additional 89,465 shares during the period. Finally, Davis Asset Management L.P. bought a new position in FB Financial in the 2nd quarter worth about $34,275,000. Hedge funds and other institutional investors own 65.40% of the company's stock.

FB Financial Stock Up 0.5%

Shares of FB Financial stock opened at $53.65 on Tuesday. The firm's 50 day moving average price is $58.35 and its 200-day moving average price is $55.22. FB Financial Corporation has a 52-week low of $49.24 and a 52-week high of $62.65. The company has a market cap of $2.68 billion, a P/E ratio of 14.38 and a beta of 0.92.

FB Financial (NYSE:FBK - Get Free Report) last posted its earnings results on Monday, July 13th. The financial services provider reported $1.14 EPS for the quarter, meeting analysts' consensus estimates of $1.14. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. The company had revenue of $175.94 million during the quarter, compared to analysts' expectations of $177.45 million. As a group, equities research analysts forecast that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, August 11th. FB Financial's payout ratio is 22.52%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FBK. Benchmark lifted 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. Raymond James Financial raised their price objective on FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Weiss Ratings raised FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating on shares of FB Financial in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $64.67.

FB Financial Company Profile

FB Financial Corporation is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, FirstBank, the company provides banking and financial services to individuals, businesses and institutions.

FirstBank offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, consumer loans, treasury management and other traditional banking products. The company also provides mortgage banking and wealth management services, supporting customers with home financing, investment and financial planning needs.

Founded in 1906, FirstBank serves communities primarily across Tennessee, Kentucky and Alabama through its branch network and digital banking channels.

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