FB Financial (NYSE:FBK) Hits New 12-Month High on Better-Than-Expected Earnings

FB Financial Co. (NYSE:FBK) shares reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $50.27 and last traded at $50.24, with a volume of 22837 shares changing hands. The stock had previously closed at $47.91.

The financial services provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.04. The business had revenue of $169.13 million during the quarter, compared to analysts’ expectations of $127.44 million. FB Financial had a return on equity of 10.24% and a net margin of 15.34%. During the same quarter last year, the business posted $0.71 EPS.

FB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Tuesday, August 6th were paid a $0.17 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.35%. FB Financial’s payout ratio is currently 28.57%.

Analyst Upgrades and Downgrades

FBK has been the topic of a number of research analyst reports. Piper Sandler downgraded shares of FB Financial from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $41.00 to $46.00 in a research note on Wednesday, July 17th. JPMorgan Chase & Co. reduced their target price on FB Financial from $43.00 to $42.00 and set an “underweight” rating for the company in a research note on Thursday, June 27th. Stephens reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of FB Financial in a report on Tuesday, July 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of FB Financial from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.17.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FBK. SG Americas Securities LLC purchased a new stake in FB Financial during the 1st quarter valued at approximately $165,000. Renaissance Technologies LLC acquired a new position in FB Financial in the 2nd quarter valued at $217,000. ProShare Advisors LLC raised its position in FB Financial by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 7,148 shares of the financial services provider’s stock worth $269,000 after buying an additional 494 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of FB Financial by 17.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,345 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 1,067 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of FB Financial by 16.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,146 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 1,424 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

FB Financial Price Performance

The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 20.84 and a beta of 1.13. The business’s 50 day moving average price is $46.02 and its 200-day moving average price is $41.39.

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.