FB Financial Corporation $FBK Shares Sold by Penn Capital Management Company LLC

Key Points

• Penn Capital Management reduced its FB Financial stake by 7% in the third quarter, selling 27,217 shares; it retained 360,036 shares worth about $18.6 million. Institutional investors collectively own 65.4% of the company.
• FB Financial reported quarterly earnings of $1.21 per share, matching analyst expectations, while revenue of $175.6 million fell short of the $181.6 million consensus estimate. The company announced a quarterly dividend of $0.21 per share, equivalent to a 1.5% yield.
• Analysts’ consensus rating is Buy, with an average price target of $64.43; a company director also bought 29,081 shares in October for about $1.54 million.

Penn Capital Management Company LLC cut its position in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 7.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 360,036 shares of the financial services provider's stock after selling 27,217 shares during the quarter. FB Financial accounts for 1.4% of Penn Capital Management Company LLC's portfolio, making the stock its 24th largest position. Penn Capital Management Company LLC owned about 0.72% of FB Financial worth $18,633,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in FB Financial during the second quarter valued at about $348,592,000. Dimensional Fund Advisors LP raised its position in FB Financial by 1.4% in 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 acquiring an additional 28,023 shares in the last quarter. Bank of America Corp DE bought a new stake in FB Financial in the second quarter worth about $39,460,000. Davis Asset Management L.P. bought a new stake in FB Financial in the second quarter worth about $34,275,000. Finally, Jupiter Topco LLC acquired a new stake in FB Financial in the 2nd quarter valued at about $21,338,000. Institutional investors own 65.40% of the company's stock.

FB Financial Stock Up 1.9%

Shares of NYSE FBK opened at $55.17 on Tuesday. The stock's fifty day simple moving average is $53.61 and its 200 day simple moving average is $55.28. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 12.03 and a beta of 0.97. FB Financial Corporation has a 52-week low of $49.24 and a 52-week high of $62.65.

FB Financial (NYSE:FBK - Get Free Report) last announced its earnings results on Tuesday, October 13th. The financial services provider reported $1.21 EPS for the quarter, meeting the consensus estimate of $1.21. FB Financial had a return on equity of 12.32% and a net margin of 22.62%. The business had revenue of $175.62 million during the quarter, compared to the consensus estimate of $181.56 million. As a group, analysts anticipate that FB Financial Corporation will post 4.65 earnings per share for the current year.

FB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Tuesday, November 10th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, November 10th. FB Financial's payout ratio is presently 18.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FBK shares. Keefe, Bruyette & Woods reduced their price objective on shares of FB Financial from $65.00 to $64.00 and set an "outperform" rating for the company in a research report on Wednesday, October 14th. Wall Street Zen downgraded shares of FB Financial from a "hold" rating to a "sell" rating in a report on Saturday. Benchmark increased their target price 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. Weiss Ratings raised shares of FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $65.00 target price on shares of FB Financial in a report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $64.43.

Insider Buying and Selling

In other news, Director Orrin Ingram, II acquired 29,081 shares of FB Financial stock in a transaction on Tuesday, October 20th. The stock was bought at an average cost of $52.88 per share, with a total value of $1,537,803.28. Following the completion of the purchase, the director owned 124,391 shares of the company's stock, valued at $6,577,796.08. This represents a 30.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.00% of the company's stock.

FB Financial Company Profile

FB Financial Corporation is a bank holding company headquartered in Nashville, Tennessee. It operates primarily through FirstBank, which provides banking services to individuals, businesses and organizations.

Its offerings include deposit accounts, consumer and commercial loans, mortgage banking, treasury management and wealth management services. FirstBank traces its roots to 1906 and serves customers across Tennessee and other parts of the southeastern United States.

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