FB Financial (NYSE:FBK) Stock Rating Upgraded by Benchmark

FB Financial (NYSE:FBK) was upgraded by equities research analysts at Benchmark to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

FBK has been the topic of a number of other reports. Hovde Group decreased their target price on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Keefe, Bruyette & Woods reduced their price target on FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, April 15th. Cantor Fitzgerald set a $65.00 price objective on FB Financial in a research report on Wednesday, April 15th. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target on the stock in a report on Thursday, April 2nd. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to MarketBeat.com, FB Financial has a consensus rating of “Buy” and a consensus target price of $64.00.

FB Financial Trading Up 1.3%

Shares of FBK stock opened at $55.41 on Wednesday. FB Financial has a 12 month low of $44.43 and a 12 month high of $62.37. The stock has a market cap of $2.85 billion, a P/E ratio of 20.83 and a beta of 0.95. The company has a 50 day simple moving average of $53.41 and a two-hundred day simple moving average of $55.30.

FB Financial (NYSE:FBK) last issued its quarterly earnings results on Monday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.01). FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The business had revenue of $172.71 million for the quarter, compared to analysts’ expectations of $175.45 million. During the same quarter in the prior year, the business earned $0.85 EPS. The company’s revenue was up 31.8% compared to the same quarter last year. As a group, equities analysts forecast that FB Financial will post 4.71 earnings per share for the current year.

FB Financial announced that its Board of Directors has initiated a share buyback plan on Monday, April 27th that authorizes the company to buyback $175.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Trading of FB Financial

A number of large investors have recently modified their holdings of the company. AQR Capital Management LLC grew its position in shares of FB Financial by 23.8% during the 1st quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock worth $2,752,000 after buying an additional 11,414 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 raised its stake in FB Financial by 11.8% in the first quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock valued at $16,419,000 after buying an additional 37,385 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of FB Financial in the 1st quarter valued at approximately $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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 worth $3,715,000 after buying an additional 22,662 shares during the period. Hedge funds and other institutional investors own 65.40% of the company’s stock.

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.