North Reef Capital Management LP Has $25.97 Million Position in FB Financial Corporation $FBK

North Reef Capital Management LP lessened its stake in FB Financial Corporation (NYSE:FBK) by 44.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 500,000 shares of the financial services provider’s stock after selling 392,685 shares during the period. FB Financial comprises 0.9% of North Reef Capital Management LP’s portfolio, making the stock its 26th biggest holding. North Reef Capital Management LP owned approximately 0.97% of FB Financial worth $25,970,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. CIBC Private Wealth Group LLC bought a new position in FB Financial during the fourth quarter valued at about $27,000. Assetmark Inc. bought a new stake in shares of FB Financial in the 4th quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new stake in shares of FB Financial during the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC grew its holdings in shares of FB Financial by 1,152.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 795 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of FB Financial during the first quarter valued at approximately $63,000. 65.40% of the stock is owned by institutional investors and hedge funds.

FB Financial Stock Up 1.4%

Shares of FBK stock opened at $58.99 on Friday. The company has a market capitalization of $3.04 billion, a P/E ratio of 15.82 and a beta of 0.95. FB Financial Corporation has a 12-month low of $46.95 and a 12-month high of $62.37. The firm has a 50-day moving average price of $55.07 and a 200 day moving average price of $55.34.

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

FB Financial announced that its board has authorized a share buyback plan on Monday, April 27th that allows the company to buyback $175.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

FB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 11th. FB Financial’s payout ratio is presently 22.52%.

Analyst Ratings Changes

FBK has been the subject of a number of recent research reports. Cantor Fitzgerald set a $65.00 target price on FB Financial in a research note on Wednesday, April 15th. Raymond James Financial lifted 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. Benchmark boosted their price target on shares of FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective for the company in a research note on Thursday, April 2nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of FB Financial in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus 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.