FB Financial (NYSE:FBK) Given New $63.00 Price Target at Hovde Group

FB Financial (NYSE:FBK) had its price objective reduced by Hovde Group from $66.00 to $63.00 in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have an outperform rating on the financial services provider’s stock.

Several other brokerages have also weighed in on FBK. Keefe, Bruyette & Woods decreased their target price on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 15th. Raymond James Financial upgraded shares of FB Financial from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a research report on Tuesday, April 7th. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research report on Wednesday, April 15th. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. Finally, Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target for the company in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $64.00.

FB Financial Stock Performance

Shares of FB Financial stock opened at $54.31 on Monday. The firm’s 50-day simple moving average is $53.83 and its 200-day simple moving average is $55.77. FB Financial has a twelve month low of $41.74 and a twelve month high of $62.37. The firm has a market cap of $2.82 billion, a P/E ratio of 20.42 and a beta of 0.98.

FB Financial (NYSE:FBK) last issued its earnings results on Monday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.01). FB Financial had a net margin of 14.26% and a return on equity of 11.64%. The business had revenue of $172.71 million for the quarter, compared to analyst estimates of $175.45 million. During the same quarter last year, the firm posted $0.85 earnings per share. FB Financial’s revenue was up 31.8% on a year-over-year basis. On average, equities analysts forecast that FB Financial will post 4.71 earnings per share for the current fiscal year.

FB Financial declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 27th that permits the company to buyback $175.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

FB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, May 12th. FB Financial’s dividend payout ratio (DPR) is currently 31.58%.

Hedge Funds Weigh In On FB Financial

Several institutional investors have recently added to or reduced their stakes in FBK. AQR Capital Management LLC lifted its holdings in FB Financial by 23.8% during the 1st quarter. AQR Capital Management LLC now owns 59,372 shares of the financial services provider’s stock valued at $2,752,000 after purchasing an additional 11,414 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of FB Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,149 shares of the financial services provider’s stock worth $980,000 after acquiring an additional 930 shares during the last quarter. Millennium Management LLC raised its stake in shares of FB Financial by 11.8% in the first quarter. Millennium Management LLC now owns 354,156 shares of the financial services provider’s stock worth $16,419,000 after acquiring an additional 37,385 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of FB Financial in the first quarter worth about $245,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of FB Financial by 39.4% in the first 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 acquiring an additional 22,662 shares during the last quarter. 65.40% of the stock is owned by institutional investors.

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.