Louisiana State Employees Retirement System Purchases Shares of 17,900 FB Financial Corporation $FBK

Louisiana State Employees Retirement System acquired a new position in shares of FB Financial Corporation (NYSE:FBK) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 17,900 shares of the financial services provider’s stock, valued at approximately $930,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new position in shares of FB Financial during the fourth quarter valued at approximately $27,000. Assetmark Inc. purchased a new stake in FB Financial in the 4th quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in FB Financial in the 4th quarter valued at $37,000. EverSource Wealth Advisors LLC lifted its stake in 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 valued at $39,000 after acquiring an additional 795 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in FB Financial during the 3rd quarter worth $75,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

FB Financial Price Performance

NYSE FBK opened at $56.01 on Monday. The business’s fifty day moving average is $53.65 and its 200-day moving average is $55.19. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 21.05 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.

FB Financial (NYSE:FBK) last posted 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 company had revenue of $172.71 million for the quarter, compared to analysts’ expectations of $175.45 million. FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The business’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.85 EPS. Research analysts expect that FB Financial Corporation will post 4.66 EPS for the current fiscal year.

FB Financial declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 27th that permits the company to buyback $175.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

FB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.21 dividend. 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 payout ratio is 31.58%.

Analysts Set New Price Targets

FBK has been the subject of several analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of FB Financial from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, April 15th. Hovde Group reduced their price objective on shares of FB Financial from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 price objective for the company in a research note on Thursday, April 2nd. Cantor Fitzgerald set a $65.00 target price on shares of FB Financial in a research report on Wednesday, April 15th. Finally, Weiss Ratings upgraded FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $64.17.

About FB Financial

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.