The Manufacturers Life Insurance Company Takes $1.18 Million Position in FB Financial Corporation $FBK

The Manufacturers Life Insurance Company purchased a new position in shares of FB Financial Corporation (NYSE:FBK) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 21,252 shares of the financial services provider’s stock, valued at approximately $1,176,000.

A number of other hedge funds have also bought and sold shares of FBK. BlackRock Inc. bought a new position in FB Financial during the 2nd quarter worth approximately $348,592,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of FB Financial by 1,690,485.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,127,583 shares of the financial services provider’s stock valued at $174,519,000 after acquiring an additional 3,127,398 shares during the last quarter. Wellington Management Group LLP raised its position in shares of FB Financial by 171.3% during the 4th quarter. Wellington Management Group LLP now owns 1,729,622 shares of the financial services provider’s stock valued at $96,513,000 after acquiring an additional 1,092,126 shares in the last quarter. North Reef Capital Management LP bought a new position in FB Financial during the fourth quarter worth $49,812,000. Finally, Loomis Sayles & Co. L P lifted its stake in FB Financial by 220.6% during the fourth quarter. Loomis Sayles & Co. L P now owns 974,715 shares of the financial services provider’s stock worth $54,389,000 after purchasing an additional 670,691 shares during the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Weiss Ratings upgraded shares of FB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of FB Financial in a research report on Tuesday, July 14th. Raymond James Financial lifted their price target on shares of FB Financial from $62.00 to $63.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Benchmark boosted their price objective on shares of FB Financial from $64.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. Based on data from MarketBeat, FB Financial has a consensus rating of “Buy” and a consensus target price of $64.67.

FB Financial Price Performance

Shares of NYSE FBK opened at $57.02 on Friday. The firm has a market capitalization of $2.85 billion, a PE ratio of 15.29 and a beta of 0.92. FB Financial Corporation has a 1-year low of $49.24 and a 1-year high of $62.65. The business’s fifty day moving average price is $58.67 and its two-hundred day moving average price is $55.42.

FB Financial (NYSE:FBK) last announced its quarterly earnings results on Monday, July 13th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $177.45 million. Equities research analysts expect that FB Financial Corporation will post 4.67 earnings per share for the current fiscal year.

FB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, August 11th. FB Financial’s payout ratio is presently 22.52%.

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.