Heartland Advisors Inc. Purchases Shares of 162,481 FB Financial Corporation $FBK

Key Points

• Heartland Advisors purchased 162,481 shares of FB Financial, valued at approximately $8.99 million, giving it a 0.33% stake. Institutional investors collectively own 65.4% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $64.67, above the stock’s reported $58.74 opening price.
• FB Financial reported quarterly EPS of $1.14, matching estimates, and declared a $0.21 quarterly dividend. Its board also approved a $175 million share-repurchase program covering up to 6.3% of outstanding shares.

Heartland Advisors Inc. purchased a new position in FB Financial Corporation (NYSE:FBK - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 162,481 shares of the financial services provider's stock, valued at approximately $8,993,000. Heartland Advisors Inc. owned 0.33% of FB Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in FB Financial during the second quarter valued at $348,592,000. Northwestern Mutual Wealth Management Co. increased its stake in FB Financial by 1,690,485.4% in 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 acquiring an additional 3,127,398 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of FB Financial by 171.3% in the 4th 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 in the last quarter. North Reef Capital Management LP purchased a new stake in shares of FB Financial in the 4th quarter valued at about $49,812,000. Finally, Loomis Sayles & Co. L P boosted its position in shares of FB Financial by 220.6% during the 4th quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider's stock valued at $54,389,000 after acquiring an additional 670,691 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Hovde Group decreased their price objective on shares of FB Financial from $66.00 to $63.00 and set an "outperform" rating on the stock in a research report on Monday, April 27th. Benchmark increased 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. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of FB Financial in a report on Tuesday, July 14th. 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. Finally, Raymond James Financial raised their price target on FB Financial from $62.00 to $63.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $64.67.

FB Financial Stock Performance

Shares of FBK opened at $58.74 on Friday. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 15.75 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. The firm has a 50 day moving average price of $58.11 and a 200-day moving average price of $55.63.

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

FB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, August 11th. FB Financial's dividend payout ratio is presently 22.52%.

FB Financial declared that its board has approved a stock buyback program on Monday, April 27th that authorizes the company to repurchase $175.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

FB Financial 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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