Mendon Capital Advisors Corp Invests $2.32 Million in FB Financial Corporation $FBK

Mendon Capital Advisors Corp acquired a new position in FB Financial Corporation (NYSE:FBK) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 50,000 shares of the financial services provider’s stock, valued at approximately $2,318,000. FB Financial makes up approximately 1.1% of Mendon Capital Advisors Corp’s portfolio, making the stock its 29th largest position.

Several other hedge funds have also recently made changes to their positions in the business. Nuveen LLC bought a new stake in FB Financial in the 1st quarter valued at about $39,275,000. Northern Trust Corp increased its position in FB Financial by 15.3% in the 4th quarter. Northern Trust Corp now owns 424,882 shares of the financial services provider’s stock valued at $21,886,000 after buying an additional 56,474 shares in the last quarter. Millennium Management LLC increased its position in FB Financial by 11.8% in the 1st quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock valued at $16,419,000 after buying an additional 37,385 shares in the last quarter. Penn Capital Management Company LLC increased its position in FB Financial by 8.2% in the 1st quarter. Penn Capital Management Company LLC now owns 277,090 shares of the financial services provider’s stock valued at $12,861,000 after buying an additional 21,026 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in FB Financial by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 274,427 shares of the financial services provider’s stock valued at $14,136,000 after buying an additional 3,492 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FBK. Wall Street Zen lowered FB Financial from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods raised FB Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $52.00 to $58.00 in a research report on Friday, July 11th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $58.25.

FB Financial Stock Down 1.6%

Shares of NYSE FBK opened at $52.89 on Wednesday. FB Financial Corporation has a twelve month low of $38.83 and a twelve month high of $58.88. The stock’s 50 day moving average price is $49.90 and its 200-day moving average price is $46.41. The company has a market capitalization of $2.85 billion, a PE ratio of 27.40 and a beta of 0.93.

FB Financial (NYSE:FBK) last announced its earnings results on Monday, July 14th. The financial services provider reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). FB Financial had a return on equity of 10.15% and a net margin of 11.46%.The business had revenue of $76.86 million during the quarter, compared to analysts’ expectations of $136.32 million. As a group, research analysts expect that FB Financial Corporation will post 3.64 EPS for the current fiscal year.

FB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 12th. FB Financial’s payout ratio is presently 39.38%.

About FB Financial

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.