Analysts Set FB Financial Corporation (NYSE:FBK) Target Price at $64.00

FB Financial Corporation (NYSE:FBK) has been given an average rating of “Buy” by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $64.00.

Several analysts have commented on the stock. Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective on the stock in a research report on Thursday, April 2nd. Raymond James Financial raised shares of 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. Keefe, Bruyette & Woods lowered their price target on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 15th. Hovde Group lowered their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Finally, Cantor Fitzgerald set a $65.00 price target on shares of FB Financial in a research report on Wednesday, April 15th.

FB Financial Stock Performance

Shares of FBK stock opened at $54.31 on Friday. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 20.42 and a beta of 0.95. FB Financial has a 52 week low of $42.29 and a 52 week high of $62.37. The firm’s 50-day simple moving average is $53.53 and its two-hundred day simple moving average is $55.41.

FB Financial (NYSE:FBK) last announced its quarterly earnings data on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). The company had revenue of $172.71 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 EPS. Analysts forecast that FB Financial will post 4.71 earnings per share for the current year.

FB Financial announced that its board has initiated a stock repurchase plan on Monday, April 27th that allows the company to repurchase $175.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

FB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. FB Financial’s payout ratio is 31.58%.

Institutional Trading of FB Financial

Several hedge funds and other institutional investors have recently modified their holdings of FBK. Northwestern Mutual Wealth Management Co. raised its position in shares of FB Financial by 1,690,485.4% in 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 purchasing an additional 3,127,398 shares during the period. Wellington Management Group LLP raised its position 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 valued at $96,513,000 after purchasing an additional 1,092,126 shares during the period. North Reef Capital Management LP purchased a new position in FB Financial during the fourth quarter valued at approximately $49,812,000. Loomis Sayles & Co. L P grew its stake in FB Financial by 220.6% during 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 in the last quarter. Finally, William Blair Investment Management LLC purchased a new position in FB Financial during the fourth quarter valued at approximately $26,963,000. Institutional investors own 65.40% of the company’s stock.

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.