NASHVILLE—James W. Ayers, a ten percent owner of FB Financial Corp (NYSE:FBK), has purchased additional shares of the company, according to a recent SEC filing. On October 28 and 29, Ayers acquired a total of 4,000 shares of common stock. The transactions were executed at prices ranging from $49.74 to $50.29 per share, amounting to a total purchase value of $200,060.
Following these acquisitions, Ayers now holds 10,906,341 shares of FB Financial Corp. The purchases were made directly, as indicated in the filing. This move reflects Ayers' continued investment in the Nashville-based financial institution.
In other recent news, FB Financial has reported a 21% year-over-year increase in adjusted earnings per share, reaching $0.86 for the third quarter of 2024. The company's tangible book value per share has grown at a compound annual growth rate of 12.9% since its IPO. The bank's financial results also indicate a 7.2% annualized loan growth and a 5.4% increase in non-brokered deposits. However, there has been a decline in construction loans, and the company faced a non-interest income loss of $16.5 million, primarily due to a $40.1 million loss on securities.
In terms of future developments, FB Financial anticipates mid-single-digit growth in the fourth quarter of 2024 and is targeting low double-digit growth in loans and deposits for 2025. The company is also expecting a net interest margin range of 3.50% to 3.60% in the fourth quarter of 2024. The firm is open to potential bank acquisitions that align culturally and financially.
Lastly, the company has hired 20 senior revenue producers and has expanded operations into Tuscaloosa, Alabama. FB Financial's management expressed confidence in handling classified loans, with minimal expected losses, attributing current asset quality issues to operational disputes rather than elevated interest rates.
InvestingPro Insights
James W. Ayers' recent purchase of FB Financial Corp (NYSE:FBK) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown remarkable strength, with a 73.58% total return over the past year and a 37.41% return in the last six months. This performance has pushed FBK's stock price to near its 52-week high, currently at 97.64% of that peak.
InvestingPro Tips reveal that FB Financial has raised its dividend for seven consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a current dividend yield of 1.36% and a robust dividend growth rate of 13.33% over the last twelve months. These factors may have contributed to Ayers' decision to increase his stake in the company.
Despite a revenue decline of 10.49% in the last twelve months, FB Financial maintains a healthy operating income margin of 31.07%. The company's P/E ratio of 22.11 suggests that investors are willing to pay a premium for its shares, possibly due to its profitability and growth prospects.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for FB Financial Corp, providing a deeper understanding of the company's financial health and market position.
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