Principal Financial Group Inc. Decreases Stake in FB Financial Co. (NYSE:FBK)

Principal Financial Group Inc. trimmed its position in shares of FB Financial Co. (NYSE:FBK - Free Report) by 5.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 179,589 shares of the financial services provider's stock after selling 10,380 shares during the quarter. Principal Financial Group Inc. owned 0.38% of FB Financial worth $8,428,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FBK. Point72 Asset Management L.P. purchased a new stake in shares of FB Financial during the 3rd quarter worth $47,000. nVerses Capital LLC purchased a new stake in FB Financial during the third quarter worth about $84,000. Point72 DIFC Ltd acquired a new position in FB Financial during the third quarter worth about $110,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in FB Financial during the third quarter worth about $124,000. Finally, Raymond James Trust N.A. purchased a new position in FB Financial in the third quarter valued at about $201,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

FB Financial Price Performance

NYSE:FBK traded down $0.09 during trading hours on Wednesday, reaching $51.51. 83,689 shares of the company traded hands, compared to its average volume of 148,181. The firm's 50-day moving average is $53.84 and its 200-day moving average is $47.74. The stock has a market cap of $2.40 billion, a P/E ratio of 22.49 and a beta of 1.15. FB Financial Co. has a 1-year low of $33.35 and a 1-year high of $58.88.

FB Financial (NYSE:FBK - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.04. FB Financial had a return on equity of 10.38% and a net margin of 14.40%. The business had revenue of $169.13 million for the quarter, compared to analyst estimates of $127.44 million. During the same quarter last year, the company earned $0.71 earnings per share. As a group, research analysts predict that FB Financial Co. will post 3.38 earnings per share for the current year.

FB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Tuesday, November 5th. FB Financial's dividend payout ratio is presently 29.69%.

Wall Street Analyst Weigh In

FBK has been the topic of several research analyst reports. Hovde Group lowered FB Financial from an "outperform" rating to a "market perform" rating and set a $60.00 price target on the stock. in a research note on Monday, November 18th. StockNews.com downgraded FB Financial from a "hold" rating to a "sell" rating in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods raised their price target on FB Financial from $50.00 to $58.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $50.20.

Insider Activity at FB Financial

In other news, Director James W. Iv Cross sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $58.22, for a total transaction of $291,100.00. Following the transaction, the director now directly owns 54,078 shares in the company, valued at $3,148,421.16. This represents a 8.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder James W. Ayers bought 2,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was bought at an average price of $48.17 per share, with a total value of $96,340.00. Following the completion of the acquisition, the insider now owns 10,894,341 shares of the company's stock, valued at $524,780,405.97. This trade represents a 0.02 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 15,000 shares of company stock valued at $762,180. Company insiders own 1.70% of the company's stock.

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.