Hovde Group Raises FB Financial (NYSE:FBK) Price Target to $56.00

FB Financial (NYSE:FBK) had its price target lifted by Hovde Group from $52.50 to $56.00 in a research report sent to investors on Monday morning, MarketBeat.com reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

FBK has been the topic of several other research reports. Piper Sandler downgraded FB Financial from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $41.00 to $46.00 in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their target price on FB Financial from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price target on FB Financial from $43.00 to $42.00 and set an “underweight” rating on the stock in a report on Thursday, June 27th. Finally, Stephens reiterated an “overweight” rating and set a $45.00 price target on shares of FB Financial in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $47.80.

FB Financial Trading Down 2.6 %

Shares of FBK opened at $47.92 on Monday. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 20.13 and a beta of 1.13. The stock has a 50 day moving average of $46.54 and a 200-day moving average of $41.76. FB Financial has a 52 week low of $27.75 and a 52 week high of $51.40.

FB Financial (NYSE:FBK) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. FB Financial had a return on equity of 10.24% and a net margin of 15.34%. The business had revenue of $169.13 million during the quarter, compared to analyst estimates of $127.44 million. During the same quarter in the previous year, the firm posted $0.71 EPS. On average, sell-side analysts predict that FB Financial will post 3.25 earnings per share for the current fiscal year.

FB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Tuesday, August 6th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.42%. FB Financial’s dividend payout ratio is currently 28.57%.

Institutional Trading of FB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its position in shares of FB Financial by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 17,700 shares of the financial services provider’s stock worth $691,000 after purchasing an additional 300 shares during the last quarter. Texas Permanent School Fund Corp grew its position in FB Financial by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 30,747 shares of the financial services provider’s stock worth $1,158,000 after acquiring an additional 398 shares during the last quarter. SummerHaven Investment Management LLC grew its position in FB Financial by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 25,895 shares of the financial services provider’s stock worth $1,011,000 after acquiring an additional 412 shares during the last quarter. Victory Capital Management Inc. grew its position in FB Financial by 2.7% during the 2nd quarter. Victory Capital Management Inc. now owns 17,556 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 467 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in shares of FB Financial by 2.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 19,904 shares of the financial services provider’s stock valued at $750,000 after buying an additional 468 shares during the period. Institutional investors and hedge funds own 65.40% of the company’s stock.

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.