Deprince Race & Zollo Inc. Buys 89,465 Shares of FB Financial Corporation $FBK

Deprince Race & Zollo Inc. grew its stake in shares of FB Financial Corporation (NYSE:FBK) by 9.4% in the first quarter, HoldingsChannel.com reports. The firm owned 1,036,393 shares of the financial services provider’s stock after buying an additional 89,465 shares during the quarter. FB Financial comprises approximately 1.0% of Deprince Race & Zollo Inc.’s holdings, making the stock its 25th largest holding. Deprince Race & Zollo Inc.’s holdings in FB Financial were worth $53,830,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FBK. MQS Management LLC purchased a new position in shares of FB Financial in the first quarter worth $547,000. Inspire Investing LLC boosted its position in FB Financial by 17.8% during the 1st quarter. Inspire Investing LLC now owns 9,855 shares of the financial services provider’s stock valued at $512,000 after buying an additional 1,487 shares during the period. Janney Montgomery Scott LLC grew its holdings in FB Financial by 107.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 8,963 shares of the financial services provider’s stock worth $466,000 after acquiring an additional 4,634 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in FB Financial by 12.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 8,017 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 864 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of FB Financial in the first quarter valued at about $930,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FBK shares. Cantor Fitzgerald set a $65.00 price objective on shares of FB Financial in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods reduced their price target on FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, April 15th. Benchmark initiated coverage on FB Financial in a research report on Wednesday, June 24th. They set a “buy” rating and a $64.00 price target for the company. Piper Sandler upgraded FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective for the company in a report on Thursday, April 2nd. Finally, Hovde Group cut their price objective on FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $64.17.

FB Financial Price Performance

Shares of FBK opened at $56.58 on Thursday. FB Financial Corporation has a one year low of $45.58 and a one year high of $62.37. The company has a 50-day simple moving average of $53.54 and a two-hundred day simple moving average of $55.23. The firm has a market capitalization of $2.92 billion, a PE ratio of 21.27 and a beta of 0.95.

FB Financial (NYSE:FBK) last posted its earnings results on Monday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The firm had revenue of $172.71 million for the quarter, compared to analysts’ expectations of $175.45 million. During the same quarter last year, the company posted $0.85 EPS. The firm’s revenue was up 31.8% on a year-over-year basis. Analysts expect that FB Financial Corporation will post 4.71 EPS for the current fiscal year.

FB Financial announced that its Board of Directors has approved a share buyback plan on Monday, April 27th that allows the company to buyback $175.00 million in outstanding 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 often an indication that the company’s management believes its stock is undervalued.

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, May 12th. FB Financial’s dividend payout ratio is presently 31.58%.

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.