Comerica Bank Decreases Stock Holdings in FB Financial Co. (NYSE:FBK)

Comerica Bank cut its stake in FB Financial Co. (NYSE:FBKGet Rating) by 10.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,899 shares of the financial services provider’s stock after selling 3,250 shares during the period. Comerica Bank owned approximately 0.06% of FB Financial worth $1,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in FBK. Allspring Global Investments Holdings LLC boosted its stake in FB Financial by 14.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 202,367 shares of the financial services provider’s stock worth $7,732,000 after buying an additional 25,683 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of FB Financial by 2.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 92,938 shares of the financial services provider’s stock valued at $3,551,000 after acquiring an additional 1,831 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of FB Financial in the third quarter valued at about $642,000. Phocas Financial Corp. increased its position in FB Financial by 3.5% during the third quarter. Phocas Financial Corp. now owns 148,236 shares of the financial services provider’s stock worth $5,664,000 after purchasing an additional 5,026 shares during the last quarter. Finally, Summit Global Investments purchased a new position in FB Financial during the second quarter worth about $396,000. Institutional investors and hedge funds own 63.98% of the company’s stock.

Insider Activity at FB Financial

In other FB Financial news, Director Agenia Clark sold 2,759 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $42.01, for a total transaction of $115,905.59. Following the sale, the director now directly owns 8,059 shares in the company, valued at approximately $338,558.59. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Wilburn J. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $43.05, for a total transaction of $2,583,000.00. Following the completion of the transaction, the insider now directly owns 22,429 shares of the company’s stock, valued at approximately $965,568.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Agenia Clark sold 2,759 shares of the company’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $42.01, for a total value of $115,905.59. Following the sale, the director now owns 8,059 shares in the company, valued at approximately $338,558.59. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FBK shares. Truist Financial lowered shares of FB Financial from a “buy” rating to a “hold” rating and reduced their price target for the company from $45.00 to $42.00 in a research report on Tuesday, October 18th. Janney Montgomery Scott downgraded FB Financial from a “buy” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research report on Wednesday, December 14th. Stephens cut FB Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $46.00 to $42.00 in a report on Tuesday, December 13th. JPMorgan Chase & Co. reduced their price objective on shares of FB Financial from $41.00 to $39.00 and set an “underweight” rating on the stock in a report on Tuesday, October 25th. Finally, Piper Sandler lowered shares of FB Financial from an “overweight” rating to a “neutral” rating in a research note on Tuesday, December 13th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat.com, FB Financial currently has a consensus rating of “Hold” and an average price target of $42.86.

FB Financial Trading Down 1.2 %

FBK opened at $36.15 on Wednesday. The stock’s 50-day moving average price is $38.59 and its 200 day moving average price is $40.00. FB Financial Co. has a 12-month low of $34.02 and a 12-month high of $47.40. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 13.69 and a beta of 1.05.

FB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 9th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Tuesday, November 8th. FB Financial’s payout ratio is 19.70%.

FB Financial Company Profile

(Get Rating)

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 two segments, 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 engages in the mortgage origination business.

See Also

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Institutional Ownership by Quarter for FB Financial (NYSE:FBK)

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