FB Financial (NYSE:FBK) Upgraded by Raymond James Financial to “Strong-Buy” Rating

Raymond James Financial upgraded shares of FB Financial (NYSE:FBK) from a market perform rating to a strong-buy rating in a research note published on Tuesday, Marketbeat Ratings reports. Raymond James Financial currently has $62.00 price objective on the financial services provider’s stock.

FBK has been the subject of several other research reports. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. 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 note on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, FB Financial currently has a consensus rating of “Buy” and a consensus price target of $62.75.

FB Financial Stock Performance

FB Financial stock opened at $54.28 on Tuesday. The company has a 50 day moving average price of $55.24 and a 200-day moving average price of $55.97. FB Financial has a fifty-two week low of $39.15 and a fifty-two week high of $62.37. The company has a market capitalization of $2.81 billion, a PE ratio of 22.62 and a beta of 0.98.

FB Financial (NYSE:FBK) last posted its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.16 earnings per share 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 the consensus estimate of $176.30 million. During the same quarter in the previous year, the firm posted $0.85 earnings per share. On average, analysts forecast that FB Financial will post 3.64 earnings per share for the current year.

FB Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th were paid a dividend of $0.21 per share. This is a boost from FB Financial’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, February 10th. FB Financial’s payout ratio is presently 35.00%.

Insider Buying and Selling

In related news, major shareholder James Austin Mcpherson sold 8,500 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were 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 of the company’s stock, valued at $569,609.04. The trade was a 47.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On FB Financial

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in FB Financial by 21.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 266,327 shares of the financial services provider’s stock worth $14,845,000 after buying an additional 47,278 shares in the last quarter. Principal Financial Group Inc. raised its stake in FB Financial by 18.3% in the third quarter. Principal Financial Group Inc. now owns 202,784 shares of the financial services provider’s stock worth $11,303,000 after buying an additional 31,382 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in FB Financial in the third quarter worth approximately $48,674,000. Dana Investment Advisors Inc. bought a new position in FB Financial in the third quarter worth approximately $1,682,000. Finally, Strs Ohio raised its stake in FB Financial by 9,775.0% in the third quarter. Strs Ohio now owns 118,500 shares of the financial services provider’s stock worth $6,605,000 after buying an additional 117,300 shares in the last quarter. Institutional investors own 65.40% of the company’s stock.

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.