North Reef Capital Management LP Has $25.97 Million Stock Holdings in FB Financial Corporation $FBK

North Reef Capital Management LP trimmed its holdings in FB Financial Corporation (NYSE:FBK) by 44.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 500,000 shares of the financial services provider’s stock after selling 392,685 shares during the quarter. FB Financial comprises about 0.9% of North Reef Capital Management LP’s holdings, making the stock its 26th biggest holding. North Reef Capital Management LP’s holdings in FB Financial were worth $25,970,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FBK. AQR Capital Management LLC increased its position in FB Financial by 23.8% in the 1st quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock valued at $2,752,000 after acquiring an additional 11,414 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of FB Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,149 shares of the financial services provider’s stock worth $980,000 after purchasing an additional 930 shares in the last quarter. Millennium Management LLC grew its stake in shares of FB Financial by 11.8% during the first quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock valued at $16,419,000 after purchasing an additional 37,385 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of FB Financial during the first quarter valued at approximately $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of FB Financial by 39.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 80,138 shares of the financial services provider’s stock valued at $3,715,000 after purchasing an additional 22,662 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

FB Financial Trading Up 1.4%

Shares of NYSE FBK opened at $58.99 on Friday. The firm has a market capitalization of $3.04 billion, a PE ratio of 15.82 and a beta of 0.95. FB Financial Corporation has a 1 year low of $46.95 and a 1 year high of $62.37. The firm’s 50-day moving average is $55.07 and its 200-day moving average is $55.34.

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 analysts’ expectations of $177.45 million. FB Financial had a net margin of 19.00% and a return on equity of 12.08%. As a group, equities research analysts anticipate that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.4%. FB Financial’s dividend payout ratio (DPR) is presently 22.52%.

FB Financial announced that its Board of Directors has approved a stock repurchase plan on Monday, April 27th that allows the company to buyback $175.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on FBK. Hovde Group dropped their price objective on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Piper Sandler upgraded FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective on the stock in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Cantor Fitzgerald set a $65.00 target price on FB Financial in a research note on Wednesday, April 15th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of FB Financial in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, FB Financial currently has a consensus rating of “Buy” and an average target price 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.