Heartland Advisors Inc. Cuts Stake in FB Financial Corporation $FBK

Heartland Advisors Inc. lowered its position in shares of FB Financial Corporation (NYSE:FBK) by 7.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 187,511 shares of the financial services provider’s stock after selling 16,019 shares during the period. Heartland Advisors Inc.’s holdings in FB Financial were worth $10,463,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. ProShare Advisors LLC raised its position in FB Financial by 2.8% during the 4th quarter. ProShare Advisors LLC now owns 8,038 shares of the financial services provider’s stock worth $449,000 after buying an additional 216 shares during the last quarter. Savant Capital LLC increased its holdings in shares of FB Financial by 5.2% in the 3rd quarter. Savant Capital LLC now owns 4,977 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 245 shares in the last quarter. TBH Global Asset Management LLC increased its holdings in shares of FB Financial by 5.3% in the 4th quarter. TBH Global Asset Management LLC now owns 5,792 shares of the financial services provider’s stock valued at $323,000 after purchasing an additional 292 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of FB Financial by 4.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 7,613 shares of the financial services provider’s stock valued at $424,000 after purchasing an additional 299 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of FB Financial by 1.4% in the 4th quarter. Illinois Municipal Retirement Fund now owns 21,722 shares of the financial services provider’s stock valued at $1,212,000 after purchasing an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their price target on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, April 15th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target for the company in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. 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. Finally, Raymond James Financial upgraded shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target for the company in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $64.00.

FB Financial Trading Up 0.6%

Shares of NYSE FBK opened at $53.98 on Thursday. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 20.29 and a beta of 0.95. FB Financial Corporation has a 52 week low of $42.29 and a 52 week high of $62.37. The company’s 50-day moving average price is $53.42 and its 200 day moving average price is $55.44.

FB Financial (NYSE:FBK) last issued its quarterly earnings data 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 business had revenue of $172.71 million during the quarter, compared to analyst estimates of $175.45 million. FB Financial had a net margin of 14.26% and a return on equity of 11.64%. FB Financial’s revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.85 earnings per share. As a group, research analysts expect that FB Financial Corporation will post 4.71 earnings per share for the current year.

FB Financial announced that its board has initiated a stock buyback program on Monday, April 27th that permits the company to buyback $175.00 million in outstanding shares. This buyback authorization permits 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 of directors believes its shares are undervalued.

FB Financial Dividend Announcement

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

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.