Penn Capital Management Company LLC Sells 28,451 Shares of FB Financial Corporation $FBK

Penn Capital Management Company LLC decreased its holdings in FB Financial Corporation (NYSE:FBK) by 9.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 274,255 shares of the financial services provider’s stock after selling 28,451 shares during the period. Penn Capital Management Company LLC’s holdings in FB Financial were worth $15,320,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its stake in FB Financial by 155.9% in the third quarter. UMB Bank n.a. now owns 481 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 293 shares during the last quarter. Assetmark Inc. bought a new position in shares of FB Financial during the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC bought a new position in shares of FB Financial during the fourth quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its holdings in shares of FB Financial by 1,152.2% in the second quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after buying an additional 795 shares during the period. Finally, Bessemer Group Inc. raised its holdings in shares of FB Financial by 294.7% in the third quarter. Bessemer Group Inc. now owns 746 shares of the financial services provider’s stock worth $41,000 after buying an additional 557 shares during the period. Institutional investors own 65.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBK. Cantor Fitzgerald set a $65.00 price target on FB Financial in a report on Wednesday, April 15th. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. Piper Sandler upgraded FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target on the stock in a report on Thursday, April 2nd. Raymond James Financial upgraded FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a report on Tuesday, April 7th. Finally, Keefe, Bruyette & Woods reduced their price target on FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, April 15th. One 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 presently has a consensus rating of “Buy” and an average target price of $64.00.

FB Financial Stock Performance

Shares of NYSE:FBK opened at $53.49 on Wednesday. The firm has a market cap of $2.76 billion, a PE ratio of 20.11 and a beta of 0.97. The firm’s 50 day simple moving average is $53.10 and its 200-day simple moving average is $55.53. FB Financial Corporation has a one year low of $42.29 and a one year high of $62.37.

FB Financial (NYSE:FBK) last issued its earnings results on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). The company had revenue of $172.71 million for the quarter, compared to analysts’ expectations of $175.45 million. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The business’s revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business posted $0.85 earnings per share. Equities research analysts predict that FB Financial Corporation will post 4.71 EPS for the current fiscal year.

FB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. FB Financial’s dividend payout ratio (DPR) is 31.58%.

FB Financial declared that its Board of Directors has approved a share buyback 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 repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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.