FB Financial (NYSE:FBK) Hits New 52-Week High on Strong Earnings

FB Financial Co. (NYSE:FBK)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $50.27 and last traded at $50.24, with a volume of 22837 shares. 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 company had revenue of $169.13 million during the quarter, compared to the consensus estimate of $127.44 million. FB Financial had a return on equity of 10.24% and a net margin of 15.34%. During the same period last year, the firm earned $0.71 earnings per share.

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Investors 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 yield of 1.34%. FB Financial’s dividend payout ratio (DPR) is 28.57%.

Wall Street Analysts Forecast Growth

FBK has been the subject of a number of research reports. Stephens reiterated an “overweight” rating and issued a $45.00 price target on shares of FB Financial in a research note on Tuesday, July 16th. Piper Sandler downgraded FB Financial from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $41.00 to $46.00 in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their price target 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. Finally, Keefe, Bruyette & Woods lifted their price target on FB Financial from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $43.17.

Institutional Investors Weigh In On FB Financial

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of FB Financial by 0.4% during the first quarter. Vanguard Group Inc. now owns 2,464,295 shares of the financial services provider’s stock valued at $92,805,000 after buying an additional 9,694 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in FB Financial by 5.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,937,631 shares of the financial services provider’s stock worth $75,623,000 after purchasing an additional 106,553 shares in the last quarter. Wasatch Advisors LP increased its holdings in shares of FB Financial by 13.1% in the first quarter. Wasatch Advisors LP now owns 1,199,457 shares of the financial services provider’s stock valued at $45,172,000 after buying an additional 139,395 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of FB Financial by 3.0% in the first quarter. Janus Henderson Group PLC now owns 1,136,818 shares of the financial services provider’s stock valued at $42,812,000 after buying an additional 33,310 shares in the last quarter. Finally, Heartland Advisors Inc. increased its holdings in shares of FB Financial by 22.0% in the first quarter. Heartland Advisors Inc. now owns 318,622 shares of the financial services provider’s stock valued at $11,999,000 after buying an additional 57,355 shares in the last quarter. Institutional investors own 65.40% of the company’s stock.

FB Financial Price Performance

The company has a market cap of $2.38 billion, a P/E ratio of 21.27 and a beta of 1.13. The company has a fifty day simple moving average of $46.18 and a 200-day simple moving average of $41.45.

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.