James W. Cross IV, a director at FB Financial Corp (NYSE:FBK), has sold a portion of his holdings in the company. According to a recent SEC filing, Cross sold 5,000 shares of common stock on November 11, 2024, at a price of $58.22 per share. The transaction totaled approximately $291,100. Following this sale, Cross retains ownership of 54,078 shares in the company.
In other recent news, FB Financial Corporation reported a 21% year-over-year increase in adjusted earnings, with a per-share value of $0.86 for the third quarter of 2024. The company's tangible book value per share experienced a compound annual growth rate of 12.9% since its initial public offering. The corporation also noted a 20% year-over-year increase in pre-tax pre-provision net revenue. However, it also reported a decline in construction loans and a loss of $16.5 million in non-interest income, primarily due to a $40.1 million loss on securities.
FB Financial Corporation 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 plans to maintain margins as rates decrease gradually. Amid these developments, the corporation expanded into Tuscaloosa, Alabama, and hired 20 senior revenue producers, while expressing openness to culturally and financially aligned bank acquisitions.
According to analysts, despite challenges in deposit growth for 2025 and a decline in construction loans, FB Financial maintains a strong credit performance and a well-matched balance sheet, providing flexibility for potential interest rate changes. The company's executives express optimism for the final quarter of the year and the outlook for 2025.
InvestingPro Insights
As James W. Cross IV reduces his stake in FB Financial Corp (NYSE:FBK), investors may find additional context in the company's recent performance and financial metrics. According to InvestingPro data, FBK's market capitalization stands at $2.64 billion, with a price-to-earnings ratio of 24.7, suggesting a moderate valuation compared to industry peers.
The company has demonstrated strong momentum, with InvestingPro reporting a remarkable 85.58% total return over the past year. This performance aligns with an InvestingPro Tip highlighting FBK's "high return over the last year." Additionally, the stock has shown robust short-term performance, with a 19.32% return in the past month and a 32.04% return over the last three months.
Despite the director's recent sale, FBK has maintained a positive trajectory in shareholder returns. An InvestingPro Tip notes that the company "has raised its dividend for 7 consecutive years," with a current dividend yield of 1.2%. This consistent dividend growth may signal management's confidence in the company's financial health and future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide deeper insights into FBK's investment potential. These tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a more nuanced view of FB Financial Corp's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.