William Blair Investment Management LLC Purchases New Position in FB Financial Corporation $FBK

Key Points

• William Blair Investment Management purchased 361,846 FB Financial shares worth approximately $20.0 million, taking a 0.72% stake. Institutional investors and hedge funds collectively own 65.4% of the company.
• FB Financial reported quarterly EPS of $1.14, in line with estimates, on $175.94 million in revenue. The company also declared a $0.21 quarterly dividend and authorized a $175 million share-repurchase program.
• Analysts maintain a generally positive view, with the stock carrying a consensus “Buy” rating and an average price target of $64.67, compared with a recent share price of $58.74.

William Blair Investment Management LLC purchased a new position in shares of FB Financial Corporation (NYSE:FBK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 361,846 shares of the financial services provider's stock, valued at approximately $20,028,000. William Blair Investment Management LLC owned approximately 0.72% of FB Financial at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Heartland Advisors Inc. purchased a new stake in shares of FB Financial in the second quarter valued at approximately $8,993,000. NewEdge Wealth LLC purchased a new stake in FB Financial in the 2nd quarter worth $242,000. First National Bank of Omaha acquired a new position in FB Financial during the second quarter worth $686,000. BlackRock Inc. acquired a new stake in shares of FB Financial in the second quarter valued at about $348,592,000. Finally, Deutsche Bank AG purchased a new stake in shares of FB Financial during the second quarter worth about $2,503,000. 65.40% of the stock is owned by institutional investors and hedge funds.

FB Financial Price Performance

Shares of FB Financial stock opened at $58.74 on Friday. The stock's 50 day simple moving average is $58.11 and its 200-day simple moving average is $55.63. The stock has a market cap of $2.94 billion, a P/E ratio of 15.75 and a beta of 0.94. 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 posted its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 EPS for the quarter, meeting the consensus estimate of $1.14. FB Financial had a return on equity of 12.08% and a net margin of 19.00%.The firm had revenue of $175.94 million during the quarter, compared to analysts' expectations of $177.45 million. As a group, research analysts expect that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.4%. FB Financial's dividend payout ratio (DPR) is 22.52%.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FBK. Hovde Group decreased their price target on shares of FB Financial from $66.00 to $63.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Raymond James Financial raised their target price 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. Weiss Ratings raised FB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods restated an "outperform" rating on shares of FB Financial in a report on Tuesday, July 14th. Finally, Benchmark raised their price objective on FB Financial from $64.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. 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.com, the company has an average rating of "Buy" and a consensus price target of $64.67.

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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