Federated Hermes Inc. Increases Stake in FB Financial Corporation $FBK

Federated Hermes Inc. increased its holdings in shares of FB Financial Corporation (NYSE:FBK) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 352,970 shares of the financial services provider’s stock after acquiring an additional 8,801 shares during the quarter. Federated Hermes Inc.’s holdings in FB Financial were worth $19,675,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in FB Financial by 21.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 266,327 shares of the financial services provider’s stock valued at $14,845,000 after purchasing an additional 47,278 shares in the last quarter. M Holdings Securities Inc. acquired a new stake in FB Financial in the second quarter valued at $794,000. Deprince Race & Zollo Inc. purchased a new position in shares of FB Financial in the third quarter valued at $48,674,000. Keystone Financial Group Inc. increased its position in shares of FB Financial by 229.7% in the third quarter. Keystone Financial Group Inc. now owns 167,152 shares of the financial services provider’s stock valued at $9,317,000 after buying an additional 116,459 shares in the last quarter. Finally, Marietta Wealth Management LLC acquired a new position in shares of FB Financial during the 3rd quarter worth $1,238,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

Wall Street Analysts Forecast Growth

FBK has been the subject of several recent research reports. Wall Street Zen upgraded shares of FB Financial from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings reissued a “hold (c)” rating on shares of FB Financial in a research note on Thursday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $66.00 target price (up previously from $61.00) on shares of FB Financial in a research note on Thursday, October 16th. Finally, Piper Sandler cut FB Financial from an “overweight” rating to a “neutral” rating and increased their target price for the company from $63.00 to $65.00 in a report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, FB Financial has a consensus rating of “Moderate Buy” and an average price target of $61.20.

FB Financial Stock Down 1.1%

Shares of NYSE FBK opened at $57.54 on Friday. The stock has a market capitalization of $3.08 billion, a PE ratio of 23.98 and a beta of 0.98. The firm has a fifty day moving average of $57.55 and a 200-day moving average of $54.53. FB Financial Corporation has a 52-week low of $38.83 and a 52-week high of $62.37.

FB Financial (NYSE:FBK) last posted its earnings results on Wednesday, January 21st. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. FB Financial had a net margin of 13.07% and a return on equity of 11.21%. The firm had revenue of $178.36 million during the quarter, compared to the consensus estimate of $176.30 million. During the same quarter in the prior year, the company earned $0.85 EPS. Equities research analysts expect that FB Financial Corporation will post 3.64 EPS for the current fiscal year.

FB Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, February 10th. This is a positive change from FB Financial’s previous quarterly dividend of $0.19. FB Financial’s dividend payout ratio (DPR) is 31.67%.

Insider Transactions at FB Financial

In other FB Financial news, major shareholder James Austin Mcpherson sold 8,500 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $60.06, for a total value of $510,510.00. Following the completion of the transaction, the insider directly owned 9,484 shares of the company’s stock, valued at $569,609.04. This represents a 47.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.90% of the stock is owned by company insiders.

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.