NASHVILLE—James W. Ayers, a prominent shareholder of FB Financial Corp (NYSE:FBK), has recently increased his stake in the company through a series of transactions. According to a recent SEC filing, Ayers purchased a total of 6,000 shares of FB Financial Corp common stock over three consecutive days, from October 23 to October 25.
The purchases were made at a weighted average price, with shares acquired at prices ranging from $48.13 to $48.43 per share. The total value of these transactions amounted to approximately $289,460. Following these acquisitions, Ayers now holds a substantial total of 10,902,341 shares in the company.
These transactions reflect Ayers' continued confidence in FB Financial Corp, a Nashville-based financial services company. With these recent purchases, Ayers has further solidified his position as a significant shareholder in the company.
In other recent news, FB Financial Corporation reported a 21% year-over-year increase in adjusted earnings, with a figure of $0.86 per share for the third quarter of 2024. The company also saw a 20% year-over-year increase in pre-tax pre-provision net revenue and a 7.2% growth in annualized loans. However, the company faced a decline in construction loans, resulting in a construction and development concentration ratio of 69% and a commercial real estate concentration ratio of 245%.
FB Financial has expanded its operations into Tuscaloosa, Alabama, and hired 20 senior revenue producers. The company also expressed an openness to potential bank acquisitions that align with its cultural and financial goals.
Looking ahead, FB Financial anticipates mid-single-digit growth for Q4 2024 and aims for low double-digit growth in loans and deposits for 2025. The company expects its net interest margin to range between 3.50% and 3.60% in Q4 2024. These are among the recent developments in the company's operations.
InvestingPro Insights
James W. Ayers' recent increase in his stake in FB Financial Corp (NYSE:FBK) aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with a remarkable 72.7% total return over the past year and a 29.34% return in the last six months. This upward trend supports Ayers' decision to invest further in the company.
InvestingPro Tips reveal that FB Financial has raised its dividend for six consecutive years, demonstrating a commitment to shareholder value that may have influenced Ayers' investment strategy. The company's dividend yield stands at 1.4%, with a notable dividend growth of 13.33% in the last twelve months.
Additionally, FB Financial's profitability is underscored by its operating income margin of 31.07% and a P/E ratio of 20.76, suggesting a reasonable valuation relative to earnings. The company's market capitalization of $2.24 billion indicates a solid mid-cap position in the financial sector.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for FB Financial Corp, providing deeper insights into the company's financial health and market position.
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