Principal Financial Group Inc. Has $11.30 Million Position in FB Financial Corporation $FBK

Principal Financial Group Inc. raised its stake in FB Financial Corporation (NYSE:FBK) by 18.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 202,784 shares of the financial services provider’s stock after acquiring an additional 31,382 shares during the quarter. Principal Financial Group Inc.’s holdings in FB Financial were worth $11,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FBK. Deprince Race & Zollo Inc. acquired a new stake in shares of FB Financial in the 3rd quarter valued at about $48,674,000. CapWealth Advisors LLC boosted its holdings in 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 worth $18,492,000 after acquiring an additional 323,150 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in FB Financial by 61.8% in the second quarter. Qube Research & Technologies Ltd now owns 315,557 shares of the financial services provider’s stock valued at $14,295,000 after acquiring an additional 120,561 shares during the period. Strs Ohio increased its holdings in shares of FB Financial by 9,775.0% during the third quarter. Strs Ohio now owns 118,500 shares of the financial services provider’s stock valued at $6,605,000 after acquiring an additional 117,300 shares in the last quarter. Finally, Keystone Financial Group Inc. raised its position in shares of FB Financial by 229.7% during the third quarter. Keystone Financial Group Inc. now owns 167,152 shares of the financial services provider’s stock worth $9,317,000 after purchasing an additional 116,459 shares during the period. Institutional investors own 65.40% of the company’s stock.

Insider Buying and Selling at FB Financial

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

Wall Street Analysts Forecast Growth

FBK has been the topic of a number of analyst reports. Piper Sandler lowered shares of FB Financial from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $63.00 to $65.00 in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of FB Financial in a research note on Thursday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $66.00 target price (up previously from $61.00) on shares of FB Financial in a research report on Thursday, October 16th. Finally, Wall Street Zen upgraded FB Financial from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.20.

FB Financial Stock Down 1.0%

Shares of NYSE FBK opened at $59.64 on Thursday. The company has a market capitalization of $3.19 billion, a PE ratio of 24.85 and a beta of 1.00. The stock’s 50 day moving average price is $58.24 and its 200-day moving average price is $55.24. FB Financial Corporation has a twelve month low of $38.83 and a twelve month high of $62.37.

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

FB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, February 10th. This is a positive change from FB Financial’s previous quarterly dividend of $0.19. FB Financial’s dividend payout ratio (DPR) is presently 35.00%.

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.