State Street Corp Reduces Stock Position in FB Financial Co. (NYSE:FBK)

State Street Corp trimmed its holdings in FB Financial Co. (NYSE:FBK) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,501,299 shares of the financial services provider’s stock after selling 17,444 shares during the period. State Street Corp owned approximately 3.22% of FB Financial worth $70,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in shares of FB Financial by 5.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,937,631 shares of the financial services provider’s stock valued at $75,623,000 after purchasing an additional 106,553 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of FB Financial by 7.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 229,829 shares of the financial services provider’s stock valued at $10,786,000 after buying an additional 15,739 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of FB Financial by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 373,345 shares of the financial services provider’s stock worth $17,521,000 after buying an additional 14,797 shares in the last quarter. Salzhauer Michael bought a new position in shares of FB Financial in the second quarter valued at approximately $2,596,000. Finally, Raymond James & Associates grew its stake in FB Financial by 5.0% during the third quarter. Raymond James & Associates now owns 129,545 shares of the financial services provider’s stock valued at $6,080,000 after acquiring an additional 6,183 shares in the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

FB Financial Stock Performance

Shares of NYSE:FBK opened at $54.80 on Wednesday. The firm has a market capitalization of $2.56 billion, a PE ratio of 23.93 and a beta of 1.15. FB Financial Co. has a 52-week low of $33.35 and a 52-week high of $58.88. The firm has a fifty day moving average of $53.04 and a 200 day moving average of $46.59.

FB Financial (NYSE:FBK) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The firm had revenue of $169.13 million during the quarter, compared to analysts’ expectations of $127.44 million. FB Financial had a return on equity of 10.38% and a net margin of 14.40%. During the same period in the prior year, the business earned $0.71 EPS. On average, sell-side analysts forecast that FB Financial Co. will post 3.38 EPS for the current fiscal year.

FB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th were issued a $0.17 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.24%. FB Financial’s payout ratio is 29.69%.

Insider Activity

In related news, major shareholder James W. Ayers bought 500 shares of the stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $51.00 per share, with a total value of $25,500.00. Following the purchase, the insider now owns 10,906,841 shares in the company, valued at approximately $556,248,891. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James W. Iv Cross sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $58.22, for a total value of $291,100.00. Following the transaction, the director now owns 54,078 shares in the company, valued at approximately $3,148,421.16. The trade was a 8.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 13,000 shares of company stock valued at $658,460. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FBK has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their price target on shares of FB Financial from $50.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Hovde Group lowered FB Financial from an “outperform” rating to a “market perform” rating and set a $60.00 price objective for the company. in a research note on Monday, November 18th. Finally, StockNews.com lowered FB Financial from a “hold” rating to a “sell” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $50.20.

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.