Davis Asset Management L.P. Makes New $34.27 Million Investment in FB Financial Corporation $FBK

Key Points

• Davis Asset Management acquired 619,236 FB Financial shares worth approximately $34.3 million, representing a 1.24% stake. Institutional investors collectively own 65.4% of the company.
• Analysts maintain a favorable outlook, with FB Financial holding an average “Buy” rating and a consensus price target of $64.67, above its reported $58.74 share price.
• FB Financial reported quarterly earnings of $1.14 per share, matching estimates, and announced a $0.21 quarterly dividend. The company also authorized a $175 million share-repurchase program covering up to 6.3% of outstanding shares.

Davis Asset Management L.P. acquired a new stake in FB Financial Corporation (NYSE:FBK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 619,236 shares of the financial services provider's stock, valued at approximately $34,275,000. Davis Asset Management L.P. owned 1.24% of FB Financial at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FBK. Artemis Investment Management LLP bought a new position in FB Financial during the fourth quarter valued at about $1,875,000. Dimensional Fund Advisors LP increased its holdings in FB Financial by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,000,484 shares of the financial services provider's stock worth $103,905,000 after buying an additional 28,023 shares during the last quarter. Vanguard Group Inc. raised its position in FB Financial by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,018,224 shares of the financial services provider's stock worth $168,417,000 after acquiring an additional 60,430 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in FB Financial by 1,690,485.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider's stock worth $174,519,000 after acquiring an additional 3,127,398 shares during the period. Finally, UBS Group AG boosted its stake in FB Financial by 21.8% in the fourth quarter. UBS Group AG now owns 225,446 shares of the financial services provider's stock valued at $12,580,000 after acquiring an additional 40,388 shares during the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FBK has been the subject of a number of research reports. Hovde Group reduced their target price on shares of FB Financial from $66.00 to $63.00 and set an "outperform" rating for the company in a research report on Monday, April 27th. Benchmark lifted their price target on shares of FB Financial from $64.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Weiss Ratings upgraded FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of FB Financial in a research note on Tuesday, July 14th. Finally, Raymond James Financial increased their price objective on FB Financial from $62.00 to $63.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat, FB Financial presently has an average rating of "Buy" and an average price target of $64.67.

FB Financial Stock Up 0.3%

NYSE FBK opened at $58.74 on Friday. The company has a market cap of $2.94 billion, a PE ratio of 15.75 and a beta of 0.94. FB Financial Corporation has a 52 week low of $49.24 and a 52 week high of $62.65. The firm's 50-day simple moving average is $58.11 and its two-hundred day simple moving average is $55.63.

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

FB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.84 annualized dividend and a yield of 1.4%. FB Financial's dividend payout ratio (DPR) is 22.52%.

FB Financial announced that its Board of Directors has initiated a share repurchase plan on Monday, April 27th that allows the company to buyback $175.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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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