Simplicity Wealth LLC Purchases Shares of 11,112 FB Financial Corporation $FBK

Simplicity Wealth LLC acquired a new position in FB Financial Corporation (NYSE:FBK) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,112 shares of the financial services provider’s stock, valued at approximately $615,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ProShare Advisors LLC increased its holdings in FB Financial by 2.8% in the 4th quarter. ProShare Advisors LLC now owns 8,038 shares of the financial services provider’s stock worth $449,000 after buying an additional 216 shares during the period. Inspire Investing LLC raised its position in FB Financial by 2.7% during the 4th quarter. Inspire Investing LLC now owns 8,368 shares of the financial services provider’s stock worth $467,000 after buying an additional 219 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in FB Financial by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 20,048 shares of the financial services provider’s stock valued at $1,041,000 after acquiring an additional 235 shares during the period. TBH Global Asset Management LLC boosted its holdings in shares of FB Financial by 5.3% in the 4th quarter. TBH Global Asset Management LLC now owns 5,792 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 292 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of FB Financial by 4.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 7,613 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 299 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

FB Financial Price Performance

Shares of NYSE:FBK opened at $61.34 on Tuesday. The business’s 50 day moving average price is $57.69 and its 200-day moving average price is $55.57. FB Financial Corporation has a 1 year low of $49.24 and a 1 year high of $62.65. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 16.45 and a beta of 0.94.

FB Financial (NYSE:FBK) last issued its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 EPS for the quarter, hitting the consensus estimate of $1.14. The company had revenue of $175.94 million during the quarter, compared to analyst estimates of $177.45 million. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. On average, sell-side analysts expect that FB Financial Corporation will post 4.67 earnings per share for the current year.

FB Financial declared that its Board of Directors has authorized a share buyback plan on Monday, April 27th that authorizes the company to repurchase $175.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

FB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.4%. FB Financial’s payout ratio is currently 22.52%.

Analyst Ratings Changes

Several brokerages recently issued reports on FBK. Raymond James Financial raised their target price on shares of FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Hovde Group cut their price target 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. Benchmark lifted their price objective on FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of FB Financial in a report on Tuesday, July 14th. Finally, Weiss Ratings upgraded FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $64.67.

FB Financial Company 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.