Penn Capital Management Company LLC Trims Stake in FB Financial Corporation $FBK

Key Points

• Penn Capital Management cut its FB Financial stake by 9.4% in the fourth quarter, though it still held 274,255 shares valued at about $15.3 million. Other institutional investors were mixed, with several increasing their positions and hedge funds owning 65.4% of the stock overall.
• FB Financial reported mixed quarterly results, missing EPS and revenue expectations slightly with $1.12 EPS versus $1.13 expected and $172.71 million in revenue versus $175.45 million expected. However, revenue still grew 31.8% year over year, and analysts expect full-year EPS of 4.71.
• The company announced a $175 million share buyback authorization and recently paid a quarterly dividend of $0.21 per share, equal to a 1.6% annualized yield. Analyst sentiment remains positive, with a consensus rating of Buy and an average price target of $64.00.

Penn Capital Management Company LLC trimmed its stake in FB Financial Corporation (NYSE:FBK - Free Report) by 9.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 274,255 shares of the financial services provider's stock after selling 28,451 shares during the period. Penn Capital Management Company LLC owned 0.51% of FB Financial worth $15,320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in FB Financial by 18.3% in the 3rd quarter. Principal Financial Group Inc. now owns 202,784 shares of the financial services provider's stock worth $11,303,000 after buying an additional 31,382 shares during the period. Strs Ohio boosted its holdings in FB Financial by 9,775.0% in the 3rd quarter. Strs Ohio now owns 118,500 shares of the financial services provider's stock worth $6,605,000 after buying an additional 117,300 shares during the period. Leeward Investments LLC MA bought a new position in FB Financial in the 3rd quarter worth $20,680,000. Certuity LLC boosted its holdings in FB Financial by 1,205.7% in the 3rd quarter. Certuity LLC now owns 268,039 shares of the financial services provider's stock worth $14,940,000 after buying an additional 247,511 shares during the period. Finally, Dana Investment Advisors Inc. bought a new position in FB Financial in the 3rd quarter worth $1,682,000. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

FB Financial Stock Up 1.5%

FBK opened at $53.49 on Wednesday. The firm has a 50-day simple moving average of $53.10 and a two-hundred day simple moving average of $55.53. FB Financial Corporation has a 52 week low of $42.29 and a 52 week high of $62.37. The company has a market capitalization of $2.76 billion, a PE ratio of 20.11 and a beta of 0.97.

FB Financial (NYSE:FBK - Get Free Report) last released its quarterly earnings data on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). FB Financial had a net margin of 14.26% and a return on equity of 11.64%. The company had revenue of $172.71 million for the quarter, compared to the consensus estimate of $175.45 million. During the same period last year, the company earned $0.85 EPS. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. As a group, sell-side analysts expect that FB Financial Corporation will post 4.71 earnings per share for the current year.

FB Financial declared that its Board of Directors has approved a share buyback plan on Monday, April 27th that allows the company to repurchase $175.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

FB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. FB Financial's dividend payout ratio (DPR) is presently 31.58%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Piper Sandler raised shares of FB Financial from a "neutral" rating to an "overweight" rating and set a $65.00 target price for the company in a report on Thursday, April 2nd. Weiss Ratings raised shares of FB Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 22nd. Raymond James Financial raised shares of FB Financial from a "market perform" rating to a "strong-buy" rating and set a $62.00 target price for the company in a report on Tuesday, April 7th. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of FB Financial from $67.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $64.00.

About FB Financial

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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