NASHVILLE—James W. Ayers, a significant shareholder in FB Financial Corp (NYSE:FBK), recently acquired 500 shares of the company's common stock. The transaction, dated October 30, 2024, was executed at a price of $51 per share, amounting to a total purchase value of $25,500.
Following this acquisition, Ayers holds a total of 10,906,841 shares in the company. This transaction was reported in a Form 4 filing with the Securities and Exchange Commission on November 1, 2024.
In other recent news, FB Financial Corporation reported a 21% year-over-year increase in adjusted earnings per share (EPS), reaching $0.86 for the third quarter of 2024. The company's tangible book value per share also demonstrated growth, with a compound annual growth rate of 12.9% since its initial public offering. Additionally, FB Financial saw a 20% year-over-year increase in pre-tax pre-provision net revenue and annualized loan growth of 7.2%. However, it also faced a decline in construction loans and reported a non-interest income loss of $16.5 million, mainly due to a $40.1 million loss on securities.
Looking ahead, FB Financial anticipates mid-single-digit growth in the fourth quarter of 2024 and aims for low double-digit growth in loans and deposits for 2025. The company also expects a net interest margin range of 3.50% to 3.60% in the fourth quarter of 2024.
In other company developments, FB Financial recently hired 20 senior revenue producers and expanded into Tuscaloosa, Alabama. The company remains open to potential bank acquisitions that align with its cultural and financial objectives. These are some of the recent developments for FB Financial Corporation.
InvestingPro Insights
James W. Ayers' recent acquisition of FB Financial Corp (NYSE:FBK) shares aligns with several positive indicators highlighted by InvestingPro. The company has demonstrated a commitment to shareholder value, having raised its dividend for 7 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 1.39%, may have influenced Ayers' decision to increase his stake.
FB Financial's stock has shown strong performance, with a remarkable 69.48% total return over the past year and a 32.05% return in the last six months. This upward trajectory is further supported by the fact that six analysts have revised their earnings expectations upwards for the upcoming period, suggesting confidence in the company's near-term prospects.
From a valuation perspective, FB Financial trades at a P/E ratio of 21.26, which is relatively moderate for the banking sector. The company's price-to-book ratio of 1.46 indicates that the stock is trading above its book value, but not excessively so, potentially offering room for further appreciation.
It's worth noting that FB Financial has been profitable over the last twelve months, with a basic EPS of $2.30. The company's operating income margin stands at a healthy 31.07%, reflecting efficient operations despite challenges in the banking sector.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights, with 7 more tips available for FB Financial Corp. These tips could provide further context for understanding Ayers' investment decision and the company's overall financial health.
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