FB Financial (NYSE:FBK) Price Target Increased to $56.00

FB Financial (NYSE:FBK) recently saw its price target raised by Hovde Group from $52.50 to $56.00, as reported in a research note published on Monday. Hovde Group currently gives the financial services provider's stock an outperform rating.

In addition to Hovde Group's upgrade, several other analysts have provided insights into FB Financial. For example, JPMorgan Chase & Co. reduced their target price on FB Financial from $43.00 to $42.00 and assigned an "underweight" rating in a report dated June 27th. Meanwhile, Piper Sandler downgraded FB Financial from an "overweight" rating to a "neutral" rating but increased their price objective for the stock from $41.00 to $46.00 in a report released on July 17th. On July 16th, Stephens reiterated an "overweight" rating with a target price of $45.00 for the stock, and Keefe, Bruyette & Woods raised their price target from $48.00 to $50.00 while giving FB Financial a "market perform" rating on October 16th.

Currently, analysts' ratings on FB Financial include one sell, three hold, and two buy ratings. MarketBeat reports that the stock has a consensus rating of "Hold" and an average price target of $47.80.

FB Financial Price Performance

The shares of FB Financial opened at $48.62 on the day following the announcement. Over the past year, the stock has reached a low of $27.75 and a high of $51.40. The company's market capitalization stands at $2.28 billion, with a price-to-earnings (P/E) ratio of 20.43 and a beta of 1.13. FB Financial's 50-day moving average is $46.76, while its 200-day moving average is $41.89.

On October 15th, FB Financial disclosed its latest earnings results, reporting an earnings per share (EPS) of $0.86 for the quarter, exceeding the consensus estimate of $0.82 by four cents. The firm's total revenue for the quarter was $169.13 million, surpassing the expected figure of $127.44 million. During the same timeframe last year, FB Financial posted an EPS of $0.71. Analysts estimate that the company will achieve an EPS of $3.25 for the current fiscal year.

FB Financial Dividend Announcement

FB Financial has also recently announced a quarterly dividend, which was paid out on August 20th. Shareholders who were on record as of August 6th received a dividend of $0.17 per share, leading to an annualized dividend of $0.68 and a yield of 1.40%. The ex-dividend date was also August 6th, and the current dividend payout ratio for the company stands at 28.57%.

Insider Transactions

In recent news regarding insider trading, major shareholder James W. Ayers purchased 2,000 shares on October 21st at an average price of $48.17 per share, totaling $96,340. After this acquisition, he holds 10,894,341 shares, valued at approximately $524.78 million. Additionally, Ayers bought 1,500 shares at $49.58 per share on October 18th, amounting to $74,370. These transactions have not significantly altered his overall ownership percentage, which remains at a stable 0.00% increase. Details about these insider trades were disclosed in filings with the SEC, which are publicly accessible.

Institutional Investors

Several institutional investors have recently adjusted their holdings in FB Financial. Wasatch Advisors LP increased its stake by 13.1% in the first quarter, owning 1,199,457 shares valued at approximately $45.17 million. Dimensional Fund Advisors LP raised its holdings by 5.8% in the second quarter, now owning 1,937,631 shares valued at $75.62 million. Millennium Management LLC increased its ownership by 259.9% during the same period, now holding 118,569 shares valued at $4.63 million. Heartland Advisors Inc. also grew its investment by 22.0% in the first quarter and now holds 318,622 shares worth nearly $12 million. As a result, institutional investors now own about 65.40% of the company's shares.

FB Financial Overview

FB Financial Corporation operates as a bank holding company for FirstBank, offering a wide range of commercial and consumer banking services targeting businesses, professionals, and individuals. The company operates through segments including Banking and Mortgage, providing services such as checking and savings accounts, loans, and various deposit products.

FBFinancial, Stocks, Investment