Legato Capital Management LLC Makes New $1.06 Million Investment in FB Financial Corporation $FBK

Legato Capital Management LLC acquired a new position in shares of FB Financial Corporation (NYSE:FBK) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,939 shares of the financial services provider’s stock, valued at approximately $1,057,000.

Other hedge funds have also recently bought and sold shares of the company. Strs Ohio raised its stake in FB Financial by 9,775.0% during the third quarter. Strs Ohio now owns 118,500 shares of the financial services provider’s stock worth $6,605,000 after acquiring an additional 117,300 shares in the last quarter. Principal Financial Group Inc. raised its stake in FB Financial by 18.3% during the third quarter. Principal Financial Group Inc. now owns 202,784 shares of the financial services provider’s stock worth $11,303,000 after acquiring an additional 31,382 shares in the last quarter. Certuity LLC raised its stake in FB Financial by 1,205.7% during the third quarter. Certuity LLC now owns 268,039 shares of the financial services provider’s stock worth $14,940,000 after acquiring an additional 247,511 shares in the last quarter. Leeward Investments LLC MA acquired a new stake in shares of FB Financial in the third quarter valued at $20,680,000. Finally, Dana Investment Advisors Inc. acquired a new stake in shares of FB Financial in the third quarter valued at $1,682,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

FB Financial Stock Performance

Shares of NYSE:FBK opened at $52.73 on Monday. The business has a fifty day moving average of $53.01 and a 200-day moving average of $55.54. The firm has a market cap of $2.72 billion, a PE ratio of 19.82 and a beta of 0.97. FB Financial Corporation has a twelve month low of $42.29 and a twelve month high of $62.37.

FB Financial (NYSE:FBK) last announced its quarterly earnings data on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The firm had revenue of $172.71 million during the quarter, compared to analyst estimates of $175.45 million. During the same quarter in the previous year, the business earned $0.85 earnings per share. FB Financial’s revenue for the quarter was up 31.8% compared to the same quarter last year. On average, analysts anticipate that FB Financial Corporation will post 4.71 EPS for the current fiscal year.

FB Financial declared that its board has initiated a share repurchase plan on Monday, April 27th that allows the company to buyback $175.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

FB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th will be given a dividend of $0.21 per share. The ex-dividend date is Tuesday, May 12th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. FB Financial’s dividend payout ratio is presently 31.58%.

Analyst Upgrades and Downgrades

FBK has been the subject of a number of research reports. Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Cantor Fitzgerald set a $65.00 target price on FB Financial in a research note on Wednesday, April 15th. Piper Sandler upgraded FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 target price for the company in a research note on Thursday, April 2nd. Hovde Group lowered their target price on FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods lowered their target price on FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $64.00.

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.