On July 5, 2023, Allspring Global Investments Holdings LLC revealed that it had increased its position in FB Financial Co. (NYSE:FBK) by 4.1% during the first quarter of the year. This information was disclosed in the company’s recent filing with the Securities and Exchange Commission (SEC). The financial services provider’s stock saw an addition of 6,849 shares to Allspring Global Investments Holdings LLC’s portfolio, bringing their total number of shares to 175,385. At the end of the first quarter, these shares were valued at $5,451,000.
FB Financial, a prominent player in the financial services sector, announced its quarterly earnings results on April 18th. The company reported earnings per share (EPS) of $0.76 for the quarter, surpassing analysts’ consensus estimates of $0.74 by a mere $0.02. Additionally, FB Financial generated revenue of $183.03 million during this period, exceeding analyst expectations of $131.72 million.
The firm’s return on equity was calculated to be approximately 10.42%, demonstrating its ability to generate profits from shareholders’ investments. Moreover, FB Financial boasted a net margin of 19.56%, indicating its efficiency in managing costs and expenses relative to its revenue.
Comparing these figures to last year’s performance reveals a positive trend for FB Financial Co., as the company also outperformed itself in terms of earnings per share during the corresponding quarter last year when it reported EPS of $0.74.
Industry experts predict that FB Financial will continue this upward trajectory and anticipate that it will post EPS of 2.59 for the current fiscal year.
Several brokerages have weighed in on FBK recently to provide investors with insights into its future prospects. In a research note published on May 30th by TheStreet, FB Financial was downgraded from a “b-” rating to a “c+” rating. However, JPMorgan Chase & Co. expressed a more positive outlook, increasing their price target for FB Financial from $29.00 to $31.00 in a research note on June 29th.
Another prominent brokerage firm, Keefe, Bruyette & Woods, lowered its price target for FB Financial from $40.00 to $35.00 and assigned a “market perform” rating in a research note on April 6th. Similarly, DA Davidson reduced its price target from $35.00 to $34.50 in a research note on April 24th.
According to Bloomberg.com data, the consensus among research analysts is that FB Financial holds a “Hold” rating and an average price target of $38.56.
This recent shareholder disclosure provides valuable insight into the performance of FB Financial Co., shedding light on both its financial position and market sentiment towards the stock.
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Hedge Funds and Institutional Investors Make Moves on FB Financial Co. (NYSE:FBK) Holdings in Q1 2023
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”FBK” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]FB Financial Co. (NYSE:FBK) experienced several modifications to its holdings by hedge funds and other institutional investors in the first quarter of 2023. JPMorgan Chase & Co., for instance, increased its ownership by 9.6%, now owning 94,767 shares worth $4,210,000. American Century Companies Inc. boosted its holdings by 20.4%, now owning 42,955 shares valued at $1,908,000. Similarly, Citigroup Inc. increased its stake by 16.3% and now owns 31,613 shares valued at $1,404,000.
Additionally, MetLife Investment Management LLC raised its stake in FB Financial by a significant 57.4% during the same period and now possesses 17,187 shares worth $763,000. Rhumbline Advisers also increased their position in the company by 2.9%, now holding 92,950 shares valued at $4,129,000.
Overall data shows that a noteworthy percentage – specifically 63.24% – of FB Financial’s stock is owned by institutional investors and hedge funds.
Shares of NYSE:FBK opened at $28.80 on July 5th revealing certain fluctuations from previous figures due to market conditions and factors that may have influenced stock performance over time.
The fifty-day moving average price comes in at $28.05 while the two-hundred-day moving average price stands at $32.40 exemplifying volatility in share prices within varying periods of time.
At present values show a market capitalization of approximately $1.35 billion for FB Financial with a price-to-earnings ratio of 10.75 suggesting current values fall within expected ranges compared to industry standards.
Nonetheless it should be noted that this ratio is subject to changes as market conditions unfold – added to these considerations is the presence of a beta rating indicating moderate systematic risk in relation to market movements with a 1.02 rating.
Over the course of the fifty-two weeks leading up to July 5, FB Financial’s stock achieved a high of $45.25 and a low of $24.34, demonstrating fluctuations driven by various factors affecting market conditions.
Industry observers have also weighed in on FBK providing analysis and ratings for potential investors to consider. As data from recent reports indicate, TheStreet downgraded FB Financial from a “b-” rating to a “c+” rating at the end of May 2023. Likewise, JPMorgan Chase & Co. released an updated price target raising expectations from $29.00 to $31.00 per share on June 29th further highlighting possible changes in performance outlooks.
In contrast, Stephens issued a recommendation lowering its initial projection from $35.00 to $34.00 per share and assigned an “equal weight” rating to the company in mid-April 2023.
Keefe, Bruyette & Woods echoed similar sentiments, decreasing their price target according to ongoing assessments – they adjusted expectations downwardly from $40.00 to $35.00 while maintaining a “market perform” rating simultaneously.
Another brokerage firm that adjusted its estimate was DA Davidson who reduced their prediction from $35.00 to $34.50 in late April 2023 signaling potential concerns surrounding future performance.
Consensus data obtained through Bloomberg.com reveals that despite the range of opinions put forth by different analysts, the stock currently holds a consensus rating of “Hold” alongside an average price target estimate of approximately $38.56.
Furthermore, FB Financial announced recently that it has disclosed the payment of its quarterly dividend which occurred on May 23rd reinforced investor confidence emphasizing the reliability of returns on investments made into this particular entity.
Investors who were recorded as holders on May 9th received dividends amounting to $0.15 per share while the ex-dividend date occurred on May 8th impacting direct calculations of dividends issued.
Mathematically speaking, this dividend payment equates to $0.60 on an annualized basis and presents a yield of approximately 2.08% as it pertains to current stock market values for FBK shares.
Based on calculations pertaining to payout ratios, FB Financial’s payout ratio is at an estimated level of 22.39%, showcasing how much of its earnings are being used towards distributing dividends to shareholders.
Additional corporate events that have impacted FB Financial include major shareholder James W. Ayers purchasing a significant amount of company stock in recent transactions.
On April 24th, James W. Ayers purchased 6,700 shares at an average cost of $29.71 per share totaling the transaction value at $199,057.00
Upon completion of this particular purchase, the insider holds an impressive total of 10,768,491 shares in the company worth approximately $319,931,867.61.
Another substantial acquisition by James W.Ayers occurred on April 24th as well when he bought 6,700 more shares of FB Financial at a similar average cost per share amounting to $29.71 and bringing the total
