Hovde Group Upgrades FB Financial (NYSE:FBK) to “Outperform”

FB Financial (NYSE:FBK) was upgraded by stock analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $59.00 target price on the financial services provider’s stock, down from their previous target price of $60.00. Hovde Group’s price objective indicates a potential upside of 27.41% from the stock’s previous close.

A number of other brokerages also recently commented on FBK. Piper Sandler upgraded FB Financial from a “neutral” rating to an “overweight” rating and set a $58.00 target price for the company in a report on Tuesday, March 11th. Keefe, Bruyette & Woods raised their target price on shares of FB Financial from $50.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com raised shares of FB Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $52.40.

FB Financial Stock Performance

Shares of FBK stock opened at $46.31 on Tuesday. FB Financial has a fifty-two week low of $33.35 and a fifty-two week high of $58.88. The company has a market capitalization of $2.16 billion, a P/E ratio of 18.75 and a beta of 1.16. The stock has a 50 day moving average price of $49.96 and a two-hundred day moving average price of $50.85.

FB Financial (NYSE:FBK) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. FB Financial had a net margin of 15.18% and a return on equity of 10.43%. As a group, equities analysts predict that FB Financial will post 3.64 earnings per share for the current year.

Insider Transactions at FB Financial

In other news, major shareholder James W. Ayers acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was bought at an average cost of $48.46 per share, for a total transaction of $96,920.00. Following the acquisition, the insider now directly owns 10,917,841 shares in the company, valued at approximately $529,078,574.86. The trade was a 0.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have bought 14,000 shares of company stock worth $710,180. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of FB Financial

A number of institutional investors and hedge funds have recently modified their holdings of FBK. Geode Capital Management LLC boosted its position in shares of FB Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 815,361 shares of the financial services provider’s stock valued at $38,272,000 after buying an additional 7,021 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of FB Financial by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 373,345 shares of the financial services provider’s stock valued at $17,521,000 after acquiring an additional 14,797 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of FB Financial by 8.0% during the third quarter. JPMorgan Chase & Co. now owns 66,775 shares of the financial services provider’s stock valued at $3,134,000 after purchasing an additional 4,918 shares during the last quarter. FMR LLC lifted its position in FB Financial by 42.0% during the third quarter. FMR LLC now owns 7,129 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 2,109 shares during the period. Finally, SG Americas Securities LLC lifted its position in FB Financial by 39.7% during the fourth quarter. SG Americas Securities LLC now owns 19,850 shares of the financial services provider’s stock valued at $1,022,000 after purchasing an additional 5,642 shares during the period. Institutional investors own 65.40% of the company’s stock.

FB Financial Company Profile

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.