FB Financial (NYSE:FBK) Shares Gap Down Following Weak Earnings

FB Financial Corporation (NYSE:FBK) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $49.21, but opened at $47.73. FB Financial shares last traded at $47.18, with a volume of 261,431 shares changing hands.

The financial services provider reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business had revenue of $76.86 million for the quarter, compared to analyst estimates of $136.32 million. FB Financial had a return on equity of 10.20% and a net margin of 11.46%.

FB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were paid a $0.19 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.76 dividend on an annualized basis and a yield of 1.58%. FB Financial’s dividend payout ratio is 39.38%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FBK. Hovde Group upgraded shares of FB Financial from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $60.00 to $59.00 in a report on Tuesday, April 1st. Stephens lowered their price objective on shares of FB Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Wall Street Zen raised shares of FB Financial from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Keefe, Bruyette & Woods upgraded FB Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $52.00 to $58.00 in a report on Friday, July 11th. Finally, Piper Sandler dropped their price objective on FB Financial from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, FB Financial has a consensus rating of “Moderate Buy” and an average price target of $58.25.

Hedge Funds Weigh In On FB Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. bought a new stake in shares of FB Financial during the 1st quarter worth about $33,000. Sterling Capital Management LLC lifted its position in FB Financial by 810.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,120 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 997 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of FB Financial by 36.7% during the first quarter. GAMMA Investing LLC now owns 1,378 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 370 shares during the period. CWM LLC grew its position in shares of FB Financial by 58.2% in the first quarter. CWM LLC now owns 1,660 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 611 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of FB Financial by 7.1% during the first quarter. Nisa Investment Advisors LLC now owns 4,368 shares of the financial services provider’s stock worth $202,000 after purchasing an additional 290 shares during the period. 65.40% of the stock is currently owned by institutional investors and hedge funds.

FB Financial Stock Up 2.3%

The company has a market cap of $2.20 billion, a P/E ratio of 24.88 and a beta of 0.91. The stock has a 50 day moving average price of $45.01 and a two-hundred day moving average price of $46.82.

About FB Financial

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.