FB Financial Corporation (NYSE: FBK), the parent company of FirstBank, has been upgraded to “Overweight” from “Equal Weight” at Stephens, after the group de-risked its balance sheet and cut its expense base, as it has infrastructure in place to support more economies of scale.
According to Stephens analyst Russell Gunther, FB Financial Corp’s “construction and CRE balances are within striking distance of targeted concentrations.”
“FBK is well positioned to accelerate the pace of organic growth from mid-single digits toward its traditional, above-peer, low-double-digit clip. Further, amidst continued macro uncertainty, conservatism comforts in the form of above-peer capital ratios (TCE = 10%) and reserves (ACL = 1.63%),” Gunther wrote in a client note.
Stephens has also raised its price target on the stock to $45 from $39 previously.
Stock Performance
The shares of FB Financial Corporation (FBK) closed 0.94% ($0.36) lower at $37.79 in New York on Thursday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $1.776 billion.
The shares of FB Financial Corporation (FBK) went up 10.26% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 5.17% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 2 out of 5 surveyed investment analysts had rated FB Financial Corp’s stock as “Hold”, while other 2 – as “Buy”. The median price target on the stock stands at $40.90, which translates into an 8.23% upside compared to the closing price on Thursday.
The high point of the analyst forecast range stands at $45.00.
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