Davis Asset Management L.P. Acquires New Shares in FB Financial Corporation $FBK

Davis Asset Management L.P. acquired a new position in shares of FB Financial Corporation (NYSE:FBK) during the second quarter, Holdings Channel.com reports. The fund acquired 619,236 shares of the financial services provider’s stock, valued at approximately $34,275,000.

Several other large investors have also added to or reduced their stakes in FBK. BlackRock Inc. purchased a new position in FB Financial during the 2nd quarter valued at about $348,592,000. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 during the period. Wellington Management Group LLP lifted its holdings in shares of FB Financial by 171.3% in the fourth quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock worth $96,513,000 after buying an additional 1,092,126 shares in the last quarter. North Reef Capital Management LP purchased a new stake in shares of FB Financial in the fourth quarter worth about $49,812,000. Finally, Loomis Sayles & Co. L P boosted its position in shares of FB Financial by 220.6% in the fourth quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider’s stock valued at $54,389,000 after acquiring an additional 670,691 shares during the period. Institutional investors own 65.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Benchmark increased their target price on shares of FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Hovde Group cut their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Raymond James Financial boosted their price target on shares of FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $64.67.

FB Financial Trading Up 0.3%

FBK stock opened at $58.74 on Friday. The company’s 50 day moving average is $58.11 and its 200 day moving average is $55.63. The stock has a market cap of $2.94 billion, a price-to-earnings 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) last announced its earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.14. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. The business had revenue of $175.94 million for the quarter, compared to the consensus estimate of $177.45 million. As a group, sell-side analysts forecast that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

FB Financial announced that its board has initiated a share repurchase program on Monday, April 27th that authorizes the company to buyback $175.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

FB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a dividend of $0.21 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.84 annualized dividend and a dividend yield of 1.4%. FB Financial’s dividend payout ratio (DPR) is 22.52%.

FB Financial 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.