Deprince Race & Zollo Inc. Raises Position in FB Financial Corporation $FBK

Deprince Race & Zollo Inc. raised its holdings in shares of FB Financial Corporation (NYSE:FBK) by 9.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,036,393 shares of the financial services provider’s stock after buying an additional 89,465 shares during the quarter. FB Financial comprises about 1.0% of Deprince Race & Zollo Inc.’s holdings, making the stock its 25th largest position. Deprince Race & Zollo Inc. owned 2.00% of FB Financial worth $53,830,000 at the end of the most recent quarter.

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

FB Financial Price Performance

Shares of NYSE FBK opened at $56.58 on Thursday. The stock has a market capitalization of $2.92 billion, a P/E ratio of 21.27 and a beta of 0.95. FB Financial Corporation has a one year low of $45.58 and a one year high of $62.37. The firm’s 50 day simple moving average is $53.54 and its two-hundred day simple moving average is $55.23.

FB Financial (NYSE:FBK) last announced its quarterly earnings data on Monday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). The business had revenue of $172.71 million during the quarter, compared to analysts’ expectations of $175.45 million. FB Financial had a net margin of 14.26% and a return on equity of 11.64%. FB Financial’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the company posted $0.85 EPS. As a group, equities analysts expect that FB Financial Corporation will post 4.71 earnings per share for the current fiscal year.

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

FB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, May 12th. FB Financial’s dividend payout ratio (DPR) is 31.58%.

Analyst Ratings Changes

A number of equities analysts have commented on FBK shares. Hovde Group cut their price target on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Benchmark started coverage on shares of FB Financial in a report on Wednesday, June 24th. They set a “buy” rating and a $64.00 price objective for the company. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 target price for the company in a research report on Thursday, April 2nd. Weiss Ratings raised FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods reduced their target price on FB Financial from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, FB Financial currently has an average rating of “Buy” and a consensus price target of $64.17.

FB Financial 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.