FB Financial (NYSE:FBK) Shares Gap Down – Here’s What Happened

Shares of FB Financial Corporation (NYSE:FBK) gapped down before the market opened on Monday . The stock had previously closed at $60.75, but opened at $56.90. FB Financial shares last traded at $57.2050, with a volume of 5,765 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler cut shares of FB Financial from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $63.00 to $65.00 in a research note on Friday. Wall Street Zen upgraded shares of FB Financial from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings reissued a “hold (c)” rating on shares of FB Financial in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $66.00 price target (up previously from $61.00) on shares of FB Financial in a report on Thursday, October 16th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $61.20.

FB Financial Price Performance

The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 24.11 and a beta of 0.98. The firm has a 50 day simple moving average of $57.09 and a 200-day simple moving average of $54.28.

FB Financial (NYSE:FBK) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. The business had revenue of $178.36 million during the quarter, compared to analysts’ expectations of $176.30 million. FB Financial had a return on equity of 11.21% and a net margin of 13.07%.During the same period in the previous year, the business posted $0.85 earnings per share. On average, sell-side analysts forecast that FB Financial Corporation will post 3.64 earnings per share for the current fiscal year.

FB Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Tuesday, February 10th. This is an increase from FB Financial’s previous quarterly dividend of $0.19. FB Financial’s dividend payout ratio is presently 31.67%.

Insider Activity

In related news, major shareholder James Austin Mcpherson sold 8,500 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $60.06, for a total value of $510,510.00. Following the completion of the sale, the insider owned 9,484 shares in the company, valued at $569,609.04. This represents a 47.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Deprince Race & Zollo Inc. acquired a new stake in shares of FB Financial in the 3rd quarter valued at approximately $48,674,000. Wellington Management Group LLP bought a new stake in shares of FB Financial during the 3rd quarter worth about $35,534,000. Vanguard Group Inc. lifted its holdings in FB Financial by 19.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,957,794 shares of the financial services provider’s stock worth $164,867,000 after purchasing an additional 483,191 shares during the last quarter. Leeward Investments LLC MA bought a new stake in shares of FB Financial in the third quarter valued at about $20,680,000. Finally, CapWealth Advisors LLC grew its stake in shares of FB Financial by 3,756.7% in the third quarter. CapWealth Advisors LLC now owns 331,752 shares of the financial services provider’s stock valued at $18,492,000 after acquiring an additional 323,150 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors.

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.