Fifth Third Bancorp Has $1.11 Million Stock Position in FB Financial Corporation $FBK

Key Points

• Fifth Third Bancorp dramatically increased its stake in FB Financial, boosting holdings by 6,220.1% to 21,425 shares worth about $1.11 million in the first quarter.
• FB Financial reported Q2 earnings of $1.14 per share, matching analyst expectations, while revenue came in slightly below estimates at $175.94 million.
• The company announced a quarterly dividend of $0.21 per share and a $175 million share repurchase program; analysts currently have a consensus Buy rating with a $64.67 price target.

Fifth Third Bancorp boosted its holdings in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 6,220.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,425 shares of the financial services provider's stock after purchasing an additional 21,086 shares during the period. Fifth Third Bancorp's holdings in FB Financial were worth $1,113,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of 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 worth $174,519,000 after buying an additional 3,127,398 shares in the last quarter. Wellington Management Group LLP grew its position in FB Financial by 171.3% in the fourth quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider's stock valued at $96,513,000 after acquiring an additional 1,092,126 shares during the last quarter. North Reef Capital Management LP acquired a new position in FB Financial during the fourth quarter worth about $49,812,000. Loomis Sayles & Co. L P raised its stake in FB Financial by 220.6% during the fourth quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider's stock worth $54,389,000 after acquiring an additional 670,691 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of FB Financial in the fourth quarter worth about $26,963,000. Institutional investors and hedge funds own 65.40% of the company's stock.

FB Financial Price Performance

NYSE:FBK opened at $58.99 on Friday. The firm's 50 day simple moving average is $55.07 and its 200 day simple moving average is $55.34. The company has a market cap of $3.04 billion, a PE ratio of 15.82 and a beta of 0.95. FB Financial Corporation has a one year low of $46.95 and a one year high of $62.37.

FB Financial (NYSE:FBK - Get Free Report) last issued 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 company had revenue of $175.94 million for the quarter, compared to analysts' expectations of $177.45 million. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. Equities research analysts expect that FB Financial Corporation will post 4.67 EPS for the current year.

FB Financial Dividend Announcement

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

FB Financial announced that its board has authorized a share repurchase plan on Monday, April 27th that permits the company to buyback $175.00 million in shares. This buyback authorization permits 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 believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FBK shares. Hovde Group reduced their price target on shares of FB Financial from $66.00 to $63.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Benchmark increased their price objective 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. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research report on Wednesday, April 15th. Piper Sandler raised shares of FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 target price on the stock in a research note on Thursday, April 2nd. Finally, Raymond James Financial upped their price target on shares of FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $64.67.

FB Financial Company Profile

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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