FB Financial (NYSE:FBK) Sets New 12-Month High – What’s Next?

FB Financial Corporation (NYSE:FBK) reached a new 52-week high during trading on Thursday . The stock traded as high as $62.55 and last traded at $62.3690, with a volume of 3653 shares. The stock had previously closed at $62.05.

Wall Street Analysts Forecast Growth

FBK has been the topic of several recent research reports. 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. Raymond James Financial raised their price objective on shares of FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of FB Financial in a report on Tuesday, July 14th. Finally, Benchmark increased their price target on shares of FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $64.67.

FB Financial Stock Performance

The company has a 50 day moving average price of $57.17 and a 200 day moving average price of $55.48. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 16.69 and a beta of 0.94.

FB Financial (NYSE:FBK) last issued its quarterly earnings data on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.14. The firm had revenue of $175.94 million during the quarter, compared to the consensus estimate of $177.45 million. FB Financial had a return on equity of 12.08% and a net margin of 19.00%. On average, research analysts forecast that FB Financial Corporation will post 4.67 earnings per share for the current year.

FB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s dividend payout ratio (DPR) is 22.52%.

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

Institutional Investors Weigh In On FB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in FBK. BlackRock Inc. acquired a new position in shares of FB Financial in the 2nd quarter worth approximately $348,592,000. Northwestern Mutual Wealth Management Co. increased its holdings in FB Financial by 1,690,485.4% in the 4th 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 last quarter. Vanguard Group Inc. raised its position in FB Financial by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,018,224 shares of the financial services provider’s stock valued at $168,417,000 after purchasing an additional 60,430 shares during the period. Dimensional Fund Advisors LP raised its position in FB Financial by 5.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,019,971 shares of the financial services provider’s stock valued at $112,592,000 after purchasing an additional 109,318 shares during the period. Finally, Wellington Management Group LLP lifted its stake in FB Financial by 171.3% during 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 purchasing an additional 1,092,126 shares in the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

About FB Financial

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.