FB Financial Corporation (NYSE: FBK), the parent company of FirstBank, said this week its Board of Directors had authorized the repurchase of up to $100 million of FBK’s outstanding common stock.
The share repurchase program will be in place until January 31st 2026.
”This repurchase authorization reflects the Company’s financial strength and strong profitability. Our management team is keenly focused on deploying capital to deliver superior returns and to create long-term value. This program provides another arrow in our quiver to achieve those objectives,” Christopher T. Holmes, President and Chief Executive Officer, said in a press release.
Stock Performance
The shares of FB Financial Corporation (FBK) closed 2.39% ($0.89) lower at $36.36 in New York on Friday, as they snapped a three-day streak of gains.
The company’s total market cap now stands at $1.704 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 8.76% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 3 out of 4 surveyed investment analysts had rated FB Financial Corp’s stock as “Hold”, while 1 – as “Sell”. The median price target on the stock stands at $40.25, which translates into a 10.70% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $42.00.
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