Allspring Global Investments Holdings LLC Decreases Stock Position in FB Financial Corporation $FBK

Allspring Global Investments Holdings LLC trimmed its holdings in FB Financial Corporation (NYSE:FBK) by 36.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 145,971 shares of the financial services provider’s stock after selling 82,257 shares during the period. Allspring Global Investments Holdings LLC’s holdings in FB Financial were worth $7,582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FBK. CIBC Private Wealth Group LLC acquired a new position in FB Financial during the fourth quarter worth about $27,000. Assetmark Inc. acquired a new stake in shares of FB Financial in the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new position in shares of FB Financial during the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its stake in shares of FB Financial by 1,152.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 864 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 795 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in shares of FB Financial during the 3rd quarter worth approximately $75,000. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on FBK. Cantor Fitzgerald set a $65.00 target price on FB Financial in a research note on Wednesday, April 15th. Piper Sandler raised FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price target for the company in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of FB Financial in a report on Tuesday, July 14th. Raymond James Financial upped their price objective on FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of FB Financial in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $64.67.

FB Financial Stock Performance

Shares of FBK opened at $58.16 on Friday. FB Financial Corporation has a fifty-two week low of $46.95 and a fifty-two week high of $62.37. The stock has a fifty day moving average of $54.91 and a two-hundred day moving average of $55.31. The company has a market capitalization of $3.00 billion, a PE ratio of 15.59 and a beta of 0.95.

FB Financial (NYSE:FBK) last released its earnings results on Monday, July 13th. The financial services provider reported $1.14 EPS for the quarter, meeting the consensus estimate of $1.14. FB Financial had a return on equity of 12.08% and a net margin of 19.00%.The firm had revenue of $175.94 million during the quarter, compared to analyst estimates of $177.45 million. As a group, equities research analysts forecast that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial announced that its board has initiated a stock buyback program on Monday, April 27th that authorizes the company to repurchase $175.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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.