Quantinno Capital Management LP lifted its holdings in shares of FB Financial Corporation (NYSE:FBK – Free Report) by 70.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,800 shares of the financial services provider’s stock after buying an additional 11,486 shares during the quarter. Quantinno Capital Management LP owned approximately 0.05% of FB Financial worth $1,444,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. CIBC Private Wealth Group LLC purchased a new stake in FB Financial in the 4th quarter worth $27,000. Assetmark Inc. purchased a new position in FB Financial during the fourth quarter valued at $30,000. Global Retirement Partners LLC purchased a new position in FB Financial during the fourth quarter valued at $37,000. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 795 shares during the period. Finally, State of Wyoming acquired a new stake in shares of FB Financial in the first quarter valued at about $63,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.
FB Financial Stock Up 0.1%
FB Financial stock opened at $62.13 on Friday. FB Financial Corporation has a 52-week low of $49.24 and a 52-week high of $62.66. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 16.66 and a beta of 0.94. The company has a fifty day simple moving average of $57.35 and a 200-day simple moving average of $55.51.
FB Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be issued a $0.21 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.4%. FB Financial’s dividend payout ratio is presently 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 outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
Several research firms recently weighed in on FBK. Keefe, Bruyette & Woods restated an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Benchmark lifted their price objective on FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Raymond James Financial boosted their price objective on FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings raised FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Finally, Hovde Group decreased their target price on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $64.67.
View Our Latest Analysis 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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