Zacks Investment Research downgraded shares of FCB Financial (NYSE:FCB) from a hold rating to a sell rating in a report issued on Tuesday morning.
According to Zacks, “FCB Financial Holdings Inc. is a bank holding company for Florida Community Bank. The Company, through its subsidiaries, operates community banks in Florida, United States. The Bank offers a comprehensive range of traditional banking products and services to individuals, small and medium-sized businesses, some large businesses, and other local organizations and entities. FCB Financial Holdings Inc. is headquartered in Weston, Florida. “
A number of other research firms have also commented on FCB. Bank of America upped their price objective on shares of FCB Financial from $60.00 to $65.00 and gave the company a buy rating in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed a buy rating and issued a $61.00 price objective on shares of FCB Financial in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $59.20.
FCB Financial (NYSE:FCB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. FCB Financial had a net margin of 30.60% and a return on equity of 11.64%. The firm had revenue of $85.85 million during the quarter, compared to analysts’ expectations of $88.53 million. During the same period in the prior year, the company posted $0.62 EPS. equities research analysts predict that FCB Financial will post 3.59 earnings per share for the current year.
In related news, CEO Kent S. Ellert sold 16,206 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $50.48, for a total transaction of $818,078.88. Following the transaction, the chief executive officer now directly owns 156,375 shares of the company’s stock, valued at $7,893,810. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kent S. Ellert sold 21,472 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $51.75, for a total transaction of $1,111,176.00. Following the transaction, the chief executive officer now directly owns 151,136 shares in the company, valued at $7,821,288. The disclosure for this sale can be found here. Over the last three months, insiders have sold 673,273 shares of company stock worth $36,502,350. 15.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC bought a new position in FCB Financial during the third quarter worth $146,000. Truepoint Inc. boosted its stake in FCB Financial by 316.8% during the fourth quarter. Truepoint Inc. now owns 3,947 shares of the bank’s stock worth $201,000 after acquiring an additional 3,000 shares in the last quarter. Brown Advisory Inc. bought a new position in FCB Financial during the third quarter worth $206,000. Ranger Investment Management L.P. bought a new position in FCB Financial during the fourth quarter worth $208,000. Finally, California Public Employees Retirement System bought a new position in FCB Financial during the fourth quarter worth $262,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.
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About FCB Financial
FCB Financial Holdings, Inc is a bank holding company with a national bank subsidiary, Florida Community Bank, National Association (the Bank). The Company operates in the Community Banking segment. Through the Bank, the Company provides a range of retail and commercial banking services. As of December 31, 2016, the Company provided a range of financial products and services to individuals, small and medium-sized businesses, some large businesses, and other local organizations and entities through 46 branches in south and central Florida.
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