Simplicity Wealth LLC Takes Position in FB Financial Corporation $FBK

Simplicity Wealth LLC purchased a new position in FB Financial Corporation (NYSE:FBK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,112 shares of the financial services provider’s stock, valued at approximately $615,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in FB Financial during the 2nd quarter valued at $40,000. Bank of New York Mellon Corp bought a new stake in shares of FB Financial during the second quarter worth $17,613,000. Processus Wealth & Capital Management LLC bought a new stake in shares of FB Financial during the second quarter worth $676,000. Sunburst Financial Group LLC purchased a new stake in shares of FB Financial during the second quarter valued at $255,000. Finally, Amundi boosted its stake in shares of FB Financial by 9.8% during the first quarter. Amundi now owns 6,440 shares of the financial services provider’s stock valued at $334,000 after purchasing an additional 576 shares during the period. 65.40% of the stock is owned by institutional investors.

FB Financial Price Performance

Shares of FBK stock opened at $61.34 on Tuesday. The stock’s fifty day moving average price is $57.69 and its 200 day moving average price is $55.57. FB Financial Corporation has a 1-year low of $49.24 and a 1-year high of $62.65. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 16.45 and a beta of 0.94.

FB Financial (NYSE:FBK) last issued its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share for the quarter, hitting the consensus estimate of $1.14. FB Financial had a return on equity of 12.08% and a net margin of 19.00%.The business had revenue of $175.94 million during the quarter, compared to the consensus estimate of $177.45 million. As a group, equities research analysts anticipate that FB Financial Corporation will post 4.67 earnings per share for the current year.

FB Financial announced that its board has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

FB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a $0.21 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.4%. FB Financial’s dividend payout ratio (DPR) is 22.52%.

Analysts Set New Price Targets

Several research analysts recently commented on FBK shares. Raymond James Financial raised their price target on shares of FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Hovde Group lowered their price objective on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Benchmark upped their target price 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. Based on data from MarketBeat, FB Financial currently has an average rating of “Buy” and an average target price of $64.67.

About FB Financial

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.