Stocks

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

Published October 24, 2024

FB Financial Corporation (NYSE:FBK) experienced a notable increase in its stock price target, as Hovde Group has upgraded their forecast from $52.50 to $56.00. This update was shared through a research note released on a recent Monday, where Hovde Group also reaffirmed their "outperform" rating on the financial services provider's stock.

In addition to Hovde Group, several other equity analysts have recently published reports on FB Financial. For instance, on June 27th, JPMorgan Chase & Co. reduced their target price for FB Financial from $43.00 to $42.00 and assigned the stock an "underweight" rating. Meanwhile, Piper Sandler made a notable adjustment on July 17th by changing their rating from "overweight" to "neutral," while also raising the price target from $41.00 to $46.00. On July 16th, Stephens reiterated their "overweight" rating and set a target price of $45.00 for FB Financial shares. More recently, Keefe, Bruyette & Woods revised their price objective upwards from $48.00 to $50.00, giving the company a "market perform" rating on October 16th. Presently, one analyst has issued a sell rating, three have given a hold rating, and two have recommended a buy rating for the stock. As reported by MarketBeat, the consensus rating for FB Financial is currently “Hold,” with an average price target of $47.80.

FB Financial Price Performance

On the opening day of trading, FB Financial stock was priced at $48.62. Over the past year, the stock has seen significant fluctuations, reaching a low of $27.75 and a high of $51.40. The company boasts a market capitalization of $2.28 billion, a price-to-earnings (P/E) ratio of 20.43, and a beta of 1.13, indicating some volatility in its stock price. Additionally, FB Financial has a 50-day moving average of $46.76 and a 200-day moving average of $41.89.

FB Financial last revealed its earnings results on October 15th, reporting an earnings per share (EPS) of $0.86 for the quarter, which surpassed analyst expectations of $0.82 by $0.04. The company's revenue for the period was $169.13 million, significantly higher than the expected $127.44 million. FB Financial achieved a net margin of 15.34% and a return on equity of 10.24%. For the current fiscal year, analysts estimate the company will post an EPS of 3.25.

FB Financial Dividend Announcement

Recently, FB Financial also declared a quarterly dividend, which was distributed to shareholders on August 20th. Stockholders of record as of August 6th received a dividend of $0.17 per share, translating to an annualized dividend of $0.68, resulting in a dividend yield of 1.40%. The ex-dividend date for this payment was August 6th. The existing dividend payout ratio for FB Financial stands at 28.57%.

Insider Activity

In insider trading news, James W. Ayers, a major shareholder, acquired 2,000 shares of FB Financial on October 21st at an average cost of $48.17 per share, amounting to a purchase of $96,340. Following this transaction, he holds a total of 10,894,341 shares valued at approximately $524,780,405.97, reflecting no change in his ownership percentage. Earlier, on October 18th, Ayers also purchased 1,500 shares for $49.58 each, totaling $74,370. These transactions were disclosed in regulatory filings, as required by law.

Institutional Ownership and Trading

Institutional investors have shown considerable activity regarding FB Financial's stock lately, with several increasing or decreasing their holdings. For example, Wasatch Advisors LP boosted its stake by 13.1% in the first quarter, now owning 1,199,457 shares valued at about $45.17 million. Similarly, Dimensional Fund Advisors LP raised its holdings 5.8% in the second quarter, totaling 1,937,631 shares worth approximately $75.62 million. Millennium Management LLC significantly increased its position by 259.9% during the same time frame, acquiring an additional 85,620 shares. Other investors, such as Salzhauer Michael and Heartland Advisors Inc., have also adjusted their stakes. Currently, about 65.40% of FB Financial’s stock is held by institutional investors.

Company Overview

FB Financial operates as a bank holding company for FirstBank, providing a comprehensive range of commercial and consumer banking services to individuals, professionals, and businesses. The corporation offers various banking products, including checking, savings, and money market accounts, as well as residential mortgage loans.