FB Financial (NYSE:FBK) Sets New 52-Week High After Better-Than-Expected Earnings

FB Financial Co. (NYSE:FBK)’s stock price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $50.27 and last traded at $50.24, with a volume of 22837 shares changing hands. The stock had previously closed at $47.91.

The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.04. The business had revenue of $169.13 million for the quarter, compared to analyst estimates of $127.44 million. FB Financial had a net margin of 15.34% and a return on equity of 10.24%. During the same quarter last year, the business posted $0.71 EPS.

FB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Tuesday, August 6th were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.68 annualized dividend and a dividend yield of 1.36%. FB Financial’s dividend payout ratio is 28.57%.

Wall Street Analysts Forecast Growth

FBK has been the topic of a number of research analyst reports. Stephens restated an “overweight” rating and issued a $45.00 target price on shares of FB Financial in a research report on Tuesday, July 16th. 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 research report on Thursday, June 27th. Keefe, Bruyette & Woods lifted their price target on shares of FB Financial from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Piper Sandler lowered shares of FB Financial from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $41.00 to $46.00 in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $43.17.

Institutional Investors Weigh In On FB Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in shares of FB Financial during the third quarter worth about $84,000. SG Americas Securities LLC purchased a new position in FB Financial during the first quarter worth about $165,000. Renaissance Technologies LLC purchased a new position in FB Financial during the second quarter worth about $217,000. ProShare Advisors LLC boosted its holdings in FB Financial by 7.4% during the first quarter. ProShare Advisors LLC now owns 7,148 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 494 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in FB Financial by 17.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 7,345 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 1,067 shares during the last quarter. 65.40% of the stock is owned by institutional investors.

FB Financial Price Performance

The firm has a market capitalization of $2.35 billion, a PE ratio of 20.99 and a beta of 1.13. The firm’s fifty day moving average is $46.31 and its two-hundred day moving average is $41.51.

FB Financial Company Profile

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.