Penn Capital Management Company LLC Raises Holdings in FB Financial Corporation $FBK

Key Points

• Penn Capital Management increased its FB Financial stake by 21.2% in the second quarter, purchasing 67,656 additional shares for a total holding of 387,253 shares valued at approximately $21.5 million. Institutional investors collectively own 65.4% of the company.
• Analysts remain bullish on FB Financial, with a consensus rating of “Buy” and an average price target of $64.67. Recent upgrades included Benchmark raising its target to $67 and Raymond James lifting its target to $63.
• FB Financial reported quarterly EPS of $1.14, matching estimates, while revenue reached $175.94 million. The company also paid a quarterly dividend of $0.21 per share, equivalent to an annualized yield of approximately 1.5%.

Penn Capital Management Company LLC increased its stake in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 21.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 387,253 shares of the financial services provider's stock after purchasing an additional 67,656 shares during the period. FB Financial accounts for about 1.4% of Penn Capital Management Company LLC's holdings, making the stock its 23rd biggest position. Penn Capital Management Company LLC owned about 0.77% of FB Financial worth $21,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in FB Financial during the second quarter worth $348,592,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of FB Financial by 1,690,485.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider's stock valued at $174,519,000 after acquiring an additional 3,127,398 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of FB Financial by 171.3% during 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 purchased a new stake in FB Financial during the 4th quarter worth about $49,812,000. Finally, Bank of America Corp DE purchased a new stake in FB Financial during the 2nd quarter worth about $39,460,000. Hedge funds and other institutional investors own 65.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods restated an "outperform" rating on shares of FB Financial in a report on Tuesday, July 14th. Benchmark lifted 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. Raymond James Financial boosted their price objective on shares of FB Financial from $62.00 to $63.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. One equities research 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 a consensus rating of "Buy" and a consensus target price of $64.67.

FB Financial Stock Up 0.4%

Shares of NYSE:FBK opened at $57.86 on Friday. The company has a market cap of $2.89 billion, a P/E ratio of 15.51 and a beta of 0.94. The business has a fifty day simple moving average of $58.51 and a 200-day simple moving average of $55.54. 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 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. The firm had revenue of $175.94 million for the quarter, compared to analyst estimates of $177.45 million. FB Financial had a return on equity of 12.08% and a net margin of 19.00%. Sell-side analysts expect that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Tuesday, August 11th. FB Financial's dividend payout ratio is presently 22.52%.

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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