Bank of New York Mellon Corp Acquires Shares of 318,211 FB Financial Corporation $FBK

Key Points

• Bank of New York Mellon acquired 318,211 shares of FB Financial in the second quarter, worth approximately $17.6 million and representing about 0.64% of the company. Institutional investors collectively own 65.40% of FBK.
• FB Financial reported quarterly earnings of $1.14 per share, matching estimates, while revenue of $175.94 million fell slightly short of the $177.45 million consensus forecast. The company also paid a quarterly dividend of $0.21 per share, equivalent to a 1.5% yield.
• Analysts maintain a positive view, with the stock carrying an average “Buy” rating and a consensus price target of $64.67, compared with its reported opening price of $56.92.

Bank of New York Mellon Corp acquired a new stake in FB Financial Corporation (NYSE:FBK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 318,211 shares of the financial services provider's stock, valued at approximately $17,613,000. Bank of New York Mellon Corp owned about 0.64% of FB Financial as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. AQR Capital Management LLC increased its holdings in shares of FB Financial by 23.8% in the first quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider's stock valued at $2,752,000 after purchasing an additional 11,414 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in FB Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,149 shares of the financial services provider's stock valued at $980,000 after buying an additional 930 shares during the last quarter. Millennium Management LLC grew its stake in FB Financial by 11.8% in the 1st quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider's stock valued at $16,419,000 after buying an additional 37,385 shares during the last quarter. Jones Financial Companies Lllp bought a new position in FB Financial in the 1st quarter valued at about $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in FB Financial by 39.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 80,138 shares of the financial services provider's stock worth $3,715,000 after purchasing an additional 22,662 shares during the last quarter. Institutional investors own 65.40% of the company's stock.

FB Financial Stock Performance

Shares of FBK stock opened at $56.92 on Tuesday. The stock's fifty day moving average price is $58.57 and its two-hundred day moving average price is $55.48. The company has a market cap of $2.84 billion, a PE ratio of 15.26 and a beta of 0.94. FB Financial Corporation has a fifty-two week low of $49.24 and a fifty-two week high of $62.65.

FB Financial (NYSE:FBK - Get Free Report) last announced its quarterly earnings data on Monday, July 13th. The financial services provider reported $1.14 earnings per share for the quarter, hitting the consensus estimate of $1.14. The business had revenue of $175.94 million during the quarter, compared to the consensus estimate of $177.45 million. FB Financial had a return on equity of 12.08% and a net margin of 19.00%. On average, equities analysts predict that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Tuesday, August 11th. FB Financial's dividend payout ratio is currently 22.52%.

Analysts Set New Price Targets

A number of research firms recently commented on FBK. Raymond James Financial raised their price target on shares of FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of FB Financial in a report on Tuesday, July 14th. Finally, 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 report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $64.67.

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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