Millennium Management LLC Buys 47,761 Shares of FB Financial Co. (NYSE:FBK)

Millennium Management LLC boosted its stake in FB Financial Co. (NYSE:FBK - Free Report) by 17.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 316,771 shares of the financial services provider's stock after buying an additional 47,761 shares during the quarter. Millennium Management LLC owned approximately 0.68% of FB Financial worth $16,317,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its position in FB Financial by 810.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,120 shares of the financial services provider's stock worth $58,000 after buying an additional 997 shares in the last quarter. KBC Group NV lifted its position in FB Financial by 36.2% in the 4th quarter. KBC Group NV now owns 2,090 shares of the financial services provider's stock worth $108,000 after buying an additional 555 shares in the last quarter. LPL Financial LLC acquired a new position in shares of FB Financial during the 4th quarter worth $206,000. Covenant Partners LLC acquired a new position in shares of FB Financial during the 4th quarter worth $211,000. Finally, Bank of Montreal Can acquired a new position in shares of FB Financial during the 4th quarter worth $221,000. Hedge funds and other institutional investors own 65.40% of the company's stock.

FB Financial Price Performance

NYSE:FBK traded up $0.86 during midday trading on Tuesday, reaching $44.49. The stock had a trading volume of 114,768 shares, compared to its average volume of 177,476. FB Financial Co. has a 1-year low of $34.50 and a 1-year high of $58.88. The firm's fifty day simple moving average is $43.75 and its 200-day simple moving average is $49.29. The stock has a market capitalization of $2.04 billion, a P/E ratio of 18.01 and a beta of 0.93.

FB Financial (NYSE:FBK - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.85. FB Financial had a net margin of 15.18% and a return on equity of 10.43%. The business had revenue of $130.67 million for the quarter, compared to analyst estimates of $132.28 million. During the same period last year, the business posted $0.85 EPS. On average, equities research analysts anticipate that FB Financial Co. will post 3.64 earnings per share for the current fiscal year.

FB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th will be paid a $0.19 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $0.76 dividend on an annualized basis and a yield of 1.71%. FB Financial's payout ratio is presently 27.94%.

Insider Activity at FB Financial

In related news, Director James W. Iv Cross purchased 7,200 shares of FB Financial stock in a transaction on Wednesday, April 16th. The stock was purchased at an average cost of $40.49 per share, with a total value of $291,528.00. Following the acquisition, the director now directly owns 61,278 shares in the company, valued at approximately $2,481,146.22. This trade represents a 13.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder James W. Ayers purchased 2,000 shares of FB Financial stock in a transaction on Tuesday, March 4th. The stock was bought at an average cost of $48.51 per share, with a total value of $97,020.00. Following the completion of the acquisition, the insider now owns 10,931,841 shares in the company, valued at approximately $530,303,606.91. This trade represents a 0.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FBK. Wall Street Zen upgraded shares of FB Financial from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Hovde Group upgraded shares of FB Financial from a "market perform" rating to an "outperform" rating and dropped their price target for the stock from $60.00 to $59.00 in a research note on Tuesday, April 1st. Piper Sandler dropped their price target on shares of FB Financial from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Stephens dropped their price target on shares of FB Financial from $65.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of FB Financial from $58.00 to $52.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, FB Financial presently has a consensus rating of "Hold" and an average price target of $53.80.

FB Financial Company Profile

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.