FB Financial Corporation $FBK Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its FB Financial stake by 36% in the first quarter, selling 82,257 shares and leaving it with 145,971 shares worth about $7.58 million.
• Analysts remain constructive on the stock, with recent ratings including upgrades and price-target increases; the consensus rating is Buy with an average target of $64.67.
• FB Financial reported quarterly EPS of $1.14, matching expectations, and its board authorized a $175 million share repurchase program covering up to 6.3% of outstanding shares.

Allspring Global Investments Holdings LLC lessened its position in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 36.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,971 shares of the financial services provider's stock after selling 82,257 shares during the period. Allspring Global Investments Holdings LLC owned about 0.28% of FB Financial worth $7,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new stake in FB Financial during the 4th quarter worth about $27,000. Assetmark Inc. purchased a new position in shares of FB Financial in the 4th quarter valued at about $30,000. Global Retirement Partners LLC purchased a new position in shares of FB Financial in the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC raised its position in shares of FB Financial by 1,152.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider's stock worth $39,000 after acquiring an additional 795 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of FB Financial during the 3rd quarter worth about $75,000. Institutional investors and hedge funds own 65.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Benchmark upped their price target on FB Financial from $64.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods restated an "outperform" rating on shares of FB Financial in a research note on Tuesday, July 14th. Raymond James Financial lifted their target price on shares of FB Financial from $62.00 to $63.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of FB Financial in a research note on Monday. Finally, Piper Sandler raised FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 price objective for the company in a research note on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $64.67.

FB Financial Stock Performance

FBK stock opened at $58.16 on Friday. FB Financial Corporation has a one year low of $46.95 and a one year high of $62.37. The stock has a market capitalization of $3.00 billion, a PE ratio of 15.59 and a beta of 0.95. The company has a fifty day moving average of $54.91 and a 200-day moving average of $55.31.

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

FB Financial announced that its board has authorized a share repurchase program on Monday, April 27th that permits the company to repurchase $175.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally an indication 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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