First Trust Advisors LP Reduces Stock Holdings in FB Financial Corporation $FBK

First Trust Advisors LP trimmed its holdings in FB Financial Corporation (NYSE:FBK) by 47.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,824 shares of the financial services provider’s stock after selling 11,577 shares during the quarter. First Trust Advisors LP’s holdings in FB Financial were worth $666,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC grew its position in FB Financial by 23.8% during the first quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock valued at $2,752,000 after buying an additional 11,414 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of FB Financial by 4.6% during the 1st 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 during the last quarter. Millennium Management LLC lifted its stake in FB Financial by 11.8% in the 1st 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 in the last quarter. Jones Financial Companies Lllp acquired a new stake in FB Financial in the 1st quarter worth about $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in FB Financial by 39.4% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

FB Financial Price Performance

Shares of FB Financial stock opened at $61.43 on Wednesday. The stock has a market cap of $3.07 billion, a P/E ratio of 16.47 and a beta of 0.94. The stock’s 50 day simple moving average is $56.97 and its 200-day simple moving average is $55.47. FB Financial Corporation has a 1-year low of $47.47 and a 1-year high of $62.44.

FB Financial (NYSE:FBK) last posted its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $177.45 million. As a group, research analysts expect that FB Financial Corporation will post 4.67 EPS for the current fiscal year.

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

FB Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have commented on FBK. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of FB Financial in a report on Tuesday, July 14th. Benchmark boosted their price target on FB Financial from $64.00 to $67.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Raymond James Financial increased their price objective on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Finally, Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $64.67.

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.