FB Financial (NYSE:FBK) to Buyback $175.00 million in Outstanding Stock

FB Financial (NYSE:FBK) declared that its Board of Directors has approved a share repurchase program on Monday, April 27th, RTT News reports. The company plans to buyback $175.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. 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 for the company in a research note on Tuesday, April 7th. Cantor Fitzgerald set a $65.00 price target on shares of FB Financial in a report on Wednesday, April 15th. Hovde Group decreased their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Piper Sandler raised 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 report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $64.00.

FB Financial Trading Up 1.4%

FBK opened at $54.31 on Tuesday. The stock’s 50 day simple moving average is $53.83 and its 200-day simple moving average is $55.77. The stock has a market cap of $2.82 billion, a PE ratio of 20.42 and a beta of 0.98. FB Financial has a 1 year low of $41.74 and a 1 year high of $62.37.

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

FB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. FB Financial’s payout ratio is presently 31.58%.

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.