Fifth Third Bancorp Has $1.11 Million Holdings in FB Financial Corporation $FBK

Fifth Third Bancorp increased its position in shares of FB Financial Corporation (NYSE:FBK) by 6,220.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,425 shares of the financial services provider’s stock after buying an additional 21,086 shares during the period. Fifth Third Bancorp’s holdings in FB Financial were worth $1,113,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new stake in FB Financial during the fourth quarter valued at $27,000. Assetmark Inc. bought a new position in shares of FB Financial in the 4th quarter worth about $30,000. Global Retirement Partners LLC bought a new position in shares of FB Financial in the 4th quarter worth about $37,000. EverSource Wealth Advisors LLC lifted its stake in shares of FB Financial by 1,152.2% in the 2nd 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 during the period. Finally, Johnson Financial Group Inc. acquired a new position in shares of FB Financial in the 3rd quarter valued at about $75,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

FB Financial Stock Up 1.4%

FBK stock opened at $58.99 on Friday. The stock’s 50 day moving average is $55.07 and its 200-day moving average is $55.34. The firm has a market capitalization of $3.04 billion, a PE ratio of 15.82 and a beta of 0.95. FB Financial Corporation has a twelve month low of $46.95 and a twelve month high of $62.37.

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

FB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, August 11th. FB Financial’s dividend payout ratio (DPR) is 22.52%.

FB Financial announced that its Board of Directors has initiated a stock buyback program on Monday, April 27th that authorizes the company to buyback $175.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

FBK has been the subject of several recent analyst reports. Raymond James Financial raised their target price on FB Financial from $62.00 to $63.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of FB Financial in a research note on Monday, July 20th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of FB Financial in a research note on Tuesday, July 14th. Cantor Fitzgerald set a $65.00 target price on FB Financial in a research note on Wednesday, April 15th. Finally, Piper Sandler raised 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. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $64.67.

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.