Corient Private Wealth LP Takes Position in FB Financial Corporation $FBK

Corient Private Wealth LP bought a new stake in FB Financial Corporation (NYSE:FBK) in the second quarter, HoldingsChannel reports. The fund bought 21,718 shares of the financial services provider’s stock, valued at approximately $1,202,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FBK. BlackRock Inc. acquired a new stake in FB Financial during the second quarter worth approximately $348,592,000. Northwestern Mutual Wealth Management Co. boosted its position in FB Financial by 1,690,485.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider’s stock valued at $174,519,000 after acquiring an additional 3,127,398 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of FB Financial by 171.3% in the 4th quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock valued at $96,513,000 after acquiring an additional 1,092,126 shares in the last quarter. North Reef Capital Management LP acquired a new position in FB Financial during the 4th quarter worth approximately $49,812,000. Finally, Bank of America Corp DE acquired a new position in shares of FB Financial during the second quarter valued at about $39,460,000. 65.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on FBK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Weiss Ratings raised shares of FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Raymond James Financial increased their price objective on FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Benchmark boosted their price objective on shares of FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat.com, FB Financial has an average rating of “Buy” and an average price target of $64.67.

FB Financial Stock Up 0.1%

FBK stock opened at $57.02 on Friday. The business’s 50-day moving average price is $58.67 and its 200-day moving average price is $55.42. The stock has a market cap of $2.85 billion, a P/E ratio of 15.29 and a beta of 0.92. FB Financial Corporation has a twelve month low of $49.24 and a twelve month high of $62.65.

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

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, August 11th. FB Financial’s dividend payout ratio is presently 22.52%.

FB Financial 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.