Wellington Management Group LLP Decreases Stake in FB Financial Corporation $FBK

Key Points

• Wellington Management reduced its FB Financial stake by 5.3% in the second quarter, selling 59,927 shares and retaining 1.07 million shares worth approximately $59.2 million, or 2.14% of the company.
• Institutional investors own 65.4% of FB Financial, with BlackRock initiating a roughly $348.6 million position and Northwestern Mutual increasing its holdings substantially.
• FB Financial reported quarterly EPS of $1.14, in line with estimates, and maintains a $0.21 quarterly dividend. Analysts remain bullish, with a consensus “Buy” rating and an average price target of $64.67.

Wellington Management Group LLP reduced its stake in shares of FB Financial Corporation (NYSE:FBK - Free Report) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,069,173 shares of the financial services provider's stock after selling 59,927 shares during the period. Wellington Management Group LLP owned 2.14% of FB Financial worth $59,179,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of FB Financial in the 2nd quarter valued at approximately $348,592,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of FB Financial by 1,690,485.4% in 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 buying an additional 3,127,398 shares in the last quarter. North Reef Capital Management LP acquired a new position in FB Financial in the 4th quarter valued at about $49,812,000. Bank of America Corp DE purchased a new stake in FB Financial during the 2nd quarter worth approximately $39,460,000. Finally, Loomis Sayles & Co. L P increased its position in shares of 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 during the period. Hedge funds and other institutional investors own 65.40% of the company's stock.

FB Financial Price Performance

Shares of FBK stock opened at $56.92 on Friday. The business's fifty day moving average price is $58.65 and its 200 day moving average price is $55.41. The firm has a market capitalization of $2.84 billion, a PE ratio of 15.26 and a beta of 0.92. FB Financial Corporation has a 1-year low of $49.24 and a 1-year high of $62.65.

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 analysts' consensus estimates of $1.14. The company had revenue of $175.94 million during the quarter, compared to the consensus estimate of $177.45 million. FB Financial had a return on equity of 12.08% and a net margin of 19.00%. Equities research analysts expect that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial Announces Dividend

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

Wall Street Analyst Weigh In

FBK has been the topic of several analyst reports. Benchmark raised their target price on shares of FB Financial from $64.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Weiss Ratings raised FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Raymond James Financial raised their price objective on shares of FB Financial from $62.00 to $63.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods restated an "outperform" rating on shares of FB Financial in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $64.67.

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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