Sei Investments Co. grew its holdings in shares of FB Financial Corporation (NYSE:FBK – Free Report) by 38.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,641 shares of the financial services provider’s stock after purchasing an additional 46,006 shares during the period. Sei Investments Co.’s holdings in FB Financial were worth $8,603,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new stake in shares of FB Financial in the 4th quarter worth approximately $27,000. Assetmark Inc. acquired a new position in FB Financial in the fourth quarter worth approximately $30,000. Global Retirement Partners LLC bought a new position in shares of FB Financial in the fourth quarter valued at $37,000. EverSource Wealth Advisors LLC increased 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 valued at $39,000 after buying an additional 795 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of FB Financial during the 1st quarter worth $63,000. Institutional investors and hedge funds own 65.40% of the company’s stock.
FB Financial Stock Down 0.1%
Shares of FB Financial stock opened at $60.34 on Monday. FB Financial Corporation has a 12 month low of $46.95 and a 12 month high of $62.37. The stock has a market cap of $3.11 billion, a PE ratio of 16.18 and a beta of 0.94. The business has a fifty day simple moving average of $55.80 and a 200-day simple moving average of $55.39.
FB Financial Announces Dividend
The firm 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 1.4%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s payout ratio is 22.52%.
FB Financial announced that its board has initiated a share repurchase program on Monday, April 27th that authorizes the company to repurchase $175.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the company. Weiss Ratings restated a “buy (b-)” rating on shares of FB Financial in a report on Monday, July 20th. Benchmark increased their price target on FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Hovde Group cut their price objective on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Finally, Cantor Fitzgerald set a $65.00 price target on shares of FB Financial in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat.com, FB Financial currently has a consensus rating of “Buy” and an average target price of $64.67.
Read Our Latest Research Report on FBK
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.
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