Millennium Management LLC Boosts Stock Holdings in FB Financial Co. (NYSE:FBK)

Millennium Management LLC lifted its holdings in shares of FB Financial Co. (NYSE:FBK) by 259.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,569 shares of the financial services provider’s stock after buying an additional 85,620 shares during the quarter. Millennium Management LLC owned about 0.25% of FB Financial worth $4,628,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FBK. Wasatch Advisors LP boosted its stake in FB Financial by 13.1% in the 1st quarter. Wasatch Advisors LP now owns 1,199,457 shares of the financial services provider’s stock worth $45,172,000 after purchasing an additional 139,395 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of FB Financial by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,937,631 shares of the financial services provider’s stock valued at $75,623,000 after acquiring an additional 106,553 shares during the period. Salzhauer Michael purchased a new position in FB Financial during the second quarter valued at approximately $2,596,000. Heartland Advisors Inc. grew its stake in FB Financial by 22.0% during the first quarter. Heartland Advisors Inc. now owns 318,622 shares of the financial services provider’s stock valued at $11,999,000 after acquiring an additional 57,355 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in FB Financial by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,454,601 shares of the financial services provider’s stock worth $97,816,000 after acquiring an additional 49,313 shares during the period. 65.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Piper Sandler lowered shares of FB Financial from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $41.00 to $46.00 in a research report on Wednesday, July 17th. JPMorgan Chase & Co. cut their target price on shares of FB Financial from $43.00 to $42.00 and set an “underweight” rating on the stock in a report on Thursday, June 27th. Keefe, Bruyette & Woods upped their price objective on shares of FB Financial from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Wednesday, July 17th. Finally, Stephens reaffirmed an “overweight” rating and set a $45.00 price objective on shares of FB Financial in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $42.33.

FB Financial Stock Up 4.0 %

NYSE:FBK opened at $47.53 on Friday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 19.97 and a beta of 1.13. The company’s 50 day moving average price is $45.82 and its 200-day moving average price is $41.22. FB Financial Co. has a 52 week low of $27.61 and a 52 week high of $49.97.

FB Financial (NYSE:FBK) last released its quarterly earnings results on Monday, July 15th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.08. The business had revenue of $128.22 million for the quarter, compared to the consensus estimate of $123.52 million. FB Financial had a net margin of 15.34% and a return on equity of 10.24%. As a group, sell-side analysts anticipate that FB Financial Co. will post 3.25 earnings per share for the current year.

FB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Tuesday, August 6th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.68 annualized dividend and a yield of 1.43%. FB Financial’s payout ratio is 28.57%.

About FB Financial

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.