Hovde Group Lowers FB Financial (NYSE:FBK) Price Target to $63.00

Key Points

• Hovde Group cut its price target on FB Financial from $66.00 to $63.00 while keeping an "outperform" rating, a move that implies roughly a 16.82% upside from the company's current price.
• Analyst sentiment remains largely positive with one "Strong Buy" and five "Buy" ratings, and a consensus price target of $64.00, while other firms' targets sit in the roughly $62–$67 range.
• FB Financial slightly missed Q1 estimates (EPS $1.12 vs. $1.13; revenue $172.7M vs. $175.5M) but reported 31.8% year-over-year revenue growth and has heavy institutional ownership (about 65.4% held by hedge funds and other institutions).

FB Financial (NYSE:FBK - Get Free Report) had its price target lowered by analysts at Hovde Group from $66.00 to $63.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Hovde Group's price target would indicate a potential upside of 16.82% from the company's current price.

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

FB Financial Stock Up 0.7%

Shares of NYSE FBK traded up $0.35 during mid-day trading on Monday, reaching $53.93. 2,832 shares of the company were exchanged, compared to its average volume of 305,451. The company's 50 day moving average price is $53.93 and its 200 day moving average price is $55.79. FB Financial has a 52 week low of $41.74 and a 52 week high of $62.37. The stock has a market capitalization of $2.80 billion, a PE ratio of 20.36 and a beta of 0.98.

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

Hedge Funds Weigh In On FB Financial

Several institutional investors have recently made changes to their positions in FBK. Northwestern Mutual Wealth Management Co. grew its position in shares of FB Financial by 1,690,485.4% during the 4th 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 period. Wellington Management Group LLP lifted its position in shares of FB Financial by 171.3% during the 4th quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider's stock valued at $96,513,000 after buying an additional 1,092,126 shares in the last quarter. North Reef Capital Management LP acquired a new position in FB Financial during the fourth quarter worth $49,812,000. Loomis Sayles & Co. L P raised its position in shares of FB Financial by 220.6% during the 4th quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider's stock worth $54,389,000 after purchasing an additional 670,691 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in FB Financial in the 4th quarter worth about $26,963,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

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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