FB Financial (NYSE:FBK) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

FB Financial (NYSE:FBK) issued its earnings results on Wednesday. The financial services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02, Zacks reports. FB Financial had a net margin of 11.73% and a return on equity of 10.56%.

FB Financial Stock Performance

FBK stock traded up $3.22 during midday trading on Wednesday, hitting $61.74. 492,165 shares of the stock were exchanged, compared to its average volume of 267,587. The stock’s 50-day moving average price is $56.78 and its 200-day moving average price is $54.01. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 28.85 and a beta of 0.98. FB Financial has a fifty-two week low of $38.83 and a fifty-two week high of $62.37.

FB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, November 10th. FB Financial’s dividend payout ratio (DPR) is presently 35.51%.

Analysts Set New Price Targets

A number of brokerages have weighed in on FBK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of FB Financial in a report on Wednesday, October 8th. Piper Sandler lifted their price target on FB Financial from $58.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $66.00 price objective (up previously from $61.00) on shares of FB Financial in a report on Thursday, October 16th. Finally, Wall Street Zen upgraded FB Financial from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.80.

Insiders Place Their Bets

In other news, major shareholder James Austin Mcpherson sold 8,500 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $60.06, for a total value of $510,510.00. Following the completion of the transaction, the insider owned 9,484 shares in the company, valued at $569,609.04. This trade represents a 47.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On FB Financial

A number of large investors have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. purchased a new position in FB Financial during the third quarter worth $246,000. Captrust Financial Advisors grew its holdings in shares of FB Financial by 19.9% during the third quarter. Captrust Financial Advisors now owns 30,261 shares of the financial services provider’s stock worth $1,687,000 after buying an additional 5,025 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of FB Financial by 14.3% in the third quarter. CANADA LIFE ASSURANCE Co now owns 33,587 shares of the financial services provider’s stock valued at $1,867,000 after buying an additional 4,200 shares during the last quarter. Voloridge Investment Management LLC raised its position in shares of FB Financial by 20.7% in the third quarter. Voloridge Investment Management LLC now owns 135,676 shares of the financial services provider’s stock valued at $7,563,000 after buying an additional 23,299 shares during the last quarter. Finally, Wasatch Advisors LP lifted its stake in shares of FB Financial by 31.9% during the third quarter. Wasatch Advisors LP now owns 831,614 shares of the financial services provider’s stock valued at $46,354,000 after buying an additional 201,141 shares during the period. 65.40% of the stock is owned by institutional investors and hedge funds.

About FB Financial

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.