FB Financial (NYSE:FBK) Reaches New 1-Year High - Here's Why

Key Points

• FB Financial shares reached a new 52-week high of $68.00 during Friday trading, while the stock’s market capitalization stood at approximately $2.66 billion.
• Analysts remain bullish, with the company carrying an average “Buy” rating and an average price target of $64.67; recent targets were raised as high as $67.
• FB Financial reported quarterly EPS of $1.14, matching estimates, and maintains a quarterly dividend of $0.21, equivalent to an annualized yield of about 1.6%.

FB Financial Corporation (NYSE:FBK - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday. The stock traded as high as $68.00 and last traded at $53.1150, with a volume of 525 shares changing hands. The stock had previously closed at $52.81.

Wall Street Analysts Forecast Growth

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

FB Financial Stock Up 0.6%

The business has a fifty day simple moving average of $57.97 and a 200 day simple moving average of $55.22. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 14.25 and a beta of 0.92.

FB Financial (NYSE:FBK - Get Free Report) last posted its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (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 net margin of 19.00% and a return on equity of 12.08%. Equities analysts anticipate that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, August 11th. FB Financial's payout ratio is currently 22.52%.

Hedge Funds Weigh In On FB Financial

Several large investors have recently added to or reduced their stakes in FBK. Corient Private Wealth LP purchased a new stake in shares of FB Financial during the 2nd quarter worth about $1,202,000. Dimensional Fund Advisors LP raised its holdings in FB Financial by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,000,484 shares of the financial services provider's stock valued at $103,905,000 after buying an additional 28,023 shares during the period. William Blair Investment Management LLC purchased a new position in FB Financial in the second quarter valued at approximately $20,028,000. BlackRock Inc. acquired a new position in FB Financial during the second quarter valued at approximately $348,592,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in 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 buying an additional 3,127,398 shares in the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

FB Financial Company Profile

FB Financial Corporation is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, FirstBank, the company provides banking and financial services to individuals, businesses and institutions.

FirstBank offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, consumer loans, treasury management and other traditional banking products. The company also provides mortgage banking and wealth management services, supporting customers with home financing, investment and financial planning needs.

Founded in 1906, FirstBank serves communities primarily across Tennessee, Kentucky and Alabama through its branch network and digital banking channels.

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