Illinois Municipal Retirement Fund Decreases Holdings in FB Financial Co. (NYSE:FBK)

Illinois Municipal Retirement Fund trimmed its holdings in shares of FB Financial Co. (NYSE:FBK) by 8.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,436 shares of the financial services provider’s stock after selling 1,774 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in FB Financial were worth $775,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Earnest Partners LLC raised its position in shares of FB Financial by 6.6% during the 3rd quarter. Earnest Partners LLC now owns 557,913 shares of the financial services provider’s stock valued at $15,822,000 after buying an additional 34,601 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of FB Financial by 4.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 278,894 shares of the financial services provider’s stock valued at $7,909,000 after buying an additional 12,281 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of FB Financial by 3.9% during the 4th quarter. New York State Common Retirement Fund now owns 233,434 shares of the financial services provider’s stock valued at $9,302,000 after buying an additional 8,710 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of FB Financial by 15.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 210,318 shares of the financial services provider’s stock valued at $8,381,000 after buying an additional 28,786 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of FB Financial by 95.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 197,881 shares of the financial services provider’s stock valued at $5,612,000 after buying an additional 96,743 shares in the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

FB Financial Price Performance

Shares of FBK stock opened at $37.03 on Tuesday. The company has a market capitalization of $1.74 billion, a P/E ratio of 15.56 and a beta of 1.15. The company’s 50-day simple moving average is $36.10 and its two-hundred day simple moving average is $35.66. FB Financial Co. has a one year low of $24.34 and a one year high of $41.00.

FB Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were paid a $0.17 dividend. This is an increase from FB Financial’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Monday, February 12th. FB Financial’s dividend payout ratio is currently 28.57%.

Insiders Place Their Bets

In related news, major shareholder James W. Ayers bought 3,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were acquired at an average cost of $35.91 per share, for a total transaction of $107,730.00. Following the purchase, the insider now directly owns 10,884,841 shares of the company’s stock, valued at $390,874,640.31. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other FB Financial news, major shareholder James W. Ayers acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were purchased at an average cost of $36.35 per share, for a total transaction of $72,700.00. Following the completion of the purchase, the insider now owns 10,886,841 shares in the company, valued at $395,736,670.35. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder James W. Ayers acquired 3,000 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were acquired at an average price of $35.91 per share, for a total transaction of $107,730.00. Following the completion of the purchase, the insider now owns 10,884,841 shares of the company’s stock, valued at approximately $390,874,640.31. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on FBK shares. Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $38.00 to $41.00 in a research report on Tuesday, April 16th. Hovde Group raised shares of FB Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $40.00 to $40.50 in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective on shares of FB Financial in a research report on Wednesday, April 17th. JPMorgan Chase & Co. increased their price objective on shares of FB Financial from $41.00 to $43.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 17th. Finally, Stephens reduced their price objective on shares of FB Financial from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.43.

FB Financial Company Profile

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.