Summit Global Investments Makes New Investment in FB Financial Co. (NYSE:FBK)

Summit Global Investments bought a new position in shares of FB Financial Co. (NYSE:FBK) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 18,826 shares of the financial services provider’s stock, valued at approximately $970,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FBK. Quest Partners LLC boosted its position in FB Financial by 18.0% during the third quarter. Quest Partners LLC now owns 13,610 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 2,072 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of FB Financial in the third quarter valued at approximately $1,557,000. Intech Investment Management LLC bought a new position in shares of FB Financial in the third quarter valued at approximately $330,000. Charles Schwab Investment Management Inc. boosted its position in shares of FB Financial by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 373,345 shares of the financial services provider’s stock valued at $17,521,000 after acquiring an additional 14,797 shares during the period. Finally, Raymond James Trust N.A. bought a new position in shares of FB Financial in the third quarter valued at approximately $201,000. Institutional investors own 65.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Piper Sandler upgraded shares of FB Financial from a “neutral” rating to an “overweight” rating and set a $58.00 price objective for the company in a research report on Tuesday, March 11th. Keefe, Bruyette & Woods raised their price objective on shares of FB Financial from $50.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of FB Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.60.

Insiders Place Their Bets

In other FB Financial news, major shareholder James W. Ayers purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $48.51 per share, with a total value of $97,020.00. Following the completion of the purchase, the insider now owns 10,931,841 shares of the company’s stock, valued at $530,303,606.91. The trade was a 0.02 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have acquired 16,000 shares of company stock valued at $813,900. 1.70% of the stock is currently owned by corporate insiders.

FB Financial Price Performance

Shares of FBK opened at $47.26 on Friday. The firm’s 50 day simple moving average is $50.44 and its 200 day simple moving average is $50.73. The company has a market capitalization of $2.21 billion, a P/E ratio of 19.13 and a beta of 1.16. FB Financial Co. has a 1-year low of $33.35 and a 1-year high of $58.88.

FB Financial (NYSE:FBK) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. FB Financial had a net margin of 15.18% and a return on equity of 10.43%. On average, equities analysts anticipate that FB Financial Co. will post 3.64 earnings per share for the current year.

FB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.19 per share. The ex-dividend date was Tuesday, February 11th. This is an increase from FB Financial’s previous quarterly dividend of $0.17. This represents a $0.76 annualized dividend and a dividend yield of 1.61%. FB Financial’s dividend payout ratio (DPR) is 30.77%.

FB Financial Company Profile

FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in segments, such as Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as residential mortgage loans.