Peregrine Capital Management LLC Has $4.74 Million Stock Holdings in FB Financial Corporation $FBK

Peregrine Capital Management LLC lessened its stake in FB Financial Corporation (NYSE:FBK) by 19.3% in the first quarter, Holdings Channel reports. The firm owned 91,277 shares of the financial services provider’s stock after selling 21,811 shares during the quarter. Peregrine Capital Management LLC’s holdings in FB Financial were worth $4,741,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FBK. ProShare Advisors LLC raised its holdings in shares of FB Financial by 2.8% during the 4th quarter. ProShare Advisors LLC now owns 8,038 shares of the financial services provider’s stock worth $449,000 after buying an additional 216 shares in the last quarter. Inspire Investing LLC grew its position in FB Financial by 2.7% in the fourth quarter. Inspire Investing LLC now owns 8,368 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 219 shares during the last quarter. TBH Global Asset Management LLC grew its position in FB Financial by 5.3% in the fourth quarter. TBH Global Asset Management LLC now owns 5,792 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 292 shares during the last quarter. Quadrant Capital Group LLC raised its stake in FB Financial by 4.1% during the third quarter. Quadrant Capital Group LLC now owns 7,613 shares of the financial services provider’s stock worth $424,000 after acquiring an additional 299 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its stake in FB Financial by 1.4% during the fourth quarter. Illinois Municipal Retirement Fund now owns 21,722 shares of the financial services provider’s stock worth $1,212,000 after acquiring an additional 309 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods dropped 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 lowered 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. Weiss Ratings raised shares of FB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 22nd. Raymond James Financial raised their target price on shares of FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a research report on Wednesday. Finally, Piper Sandler raised shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $65.00 target price on the stock in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $64.17.

FB Financial Price Performance

FB Financial stock opened at $56.58 on Thursday. The business has a 50 day moving average of $53.54 and a 200-day moving average of $55.23. FB Financial Corporation has a 1 year low of $45.58 and a 1 year high of $62.37. The company has a market capitalization of $2.92 billion, a P/E ratio of 21.27 and a beta of 0.95.

FB Financial (NYSE:FBK) last posted its earnings results on Monday, April 13th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). FB Financial had a return on equity of 11.64% and a net margin of 14.26%.The business had revenue of $172.71 million for the quarter, compared to analyst estimates of $175.45 million. During the same quarter in the prior year, the business earned $0.85 earnings per share. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. Equities analysts anticipate that FB Financial Corporation will post 4.71 EPS for the current year.

FB Financial Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. FB Financial’s dividend payout ratio (DPR) is presently 31.58%.

FB Financial announced that its Board of Directors has authorized a stock repurchase program on Monday, April 27th that allows the company to repurchase $175.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.