Allspring Global Investments Holdings LLC Cuts Stock Holdings in FB Financial Corporation $FBK

Allspring Global Investments Holdings LLC lessened its holdings in FB Financial Corporation (NYSE:FBK) by 14.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 228,228 shares of the financial services provider’s stock after selling 38,099 shares during the period. Allspring Global Investments Holdings LLC owned about 0.43% of FB Financial worth $12,735,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Investors Research Corp bought a new position in FB Financial in the third quarter worth approximately $26,000. UMB Bank n.a. lifted its stake in shares of FB Financial by 155.9% during the 3rd quarter. UMB Bank n.a. now owns 481 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 293 shares during the last quarter. Tripletail Wealth Management LLC purchased a new stake in shares of FB Financial during the 3rd quarter worth $31,000. EverSource Wealth Advisors LLC boosted its position in FB Financial by 1,152.2% during the second quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 795 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in FB Financial by 294.7% during the third quarter. Bessemer Group Inc. now owns 746 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 557 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. 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 research report on Thursday. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, FB Financial currently has an average rating of “Buy” and an average price target of $63.00.

FB Financial Stock Performance

Shares of NYSE FBK opened at $53.34 on Friday. FB Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $62.37. The company has a market cap of $2.76 billion, a PE ratio of 22.22 and a beta of 0.98. The business has a 50-day simple moving average of $55.39 and a two-hundred day simple moving average of $55.95.

FB Financial (NYSE:FBK) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. FB Financial had a net margin of 13.07% and a return on equity of 11.21%. The firm had revenue of $178.36 million during the quarter, compared to analyst estimates of $176.30 million. During the same period last year, the firm posted $0.85 EPS. On average, sell-side analysts predict that FB Financial Corporation will post 3.64 earnings per share for the current fiscal year.

FB Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from FB Financial’s previous quarterly dividend of $0.19. FB Financial’s payout ratio is currently 35.00%.

Insider Activity

In related news, major shareholder James Austin Mcpherson sold 8,500 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $60.06, for a total value of $510,510.00. Following the completion of the transaction, the insider owned 9,484 shares in the company, valued at $569,609.04. This trade represents a 47.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is currently owned by insiders.

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.