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FBK

FB Financial

$35.14

0.06 (0.17%)

17:45
06/24/19
06/24
17:45
06/24/19
17:45

FB Financial provides update on its exit of wholesale mortgage channels

FB Financial Corporation's wholly-owned subsidiary, FirstBank, announced that it has signed an agreement to sell its Correspondent Lending channel to Rushmore Loan Management Services. Upon closing of the transaction, Rushmore will assume substantially all of the assets and personnel related to the channel. The agreement is subject to customary closing conditions. FB Financial expects the transaction to close early in Q3. FirstBank completed the sale of its Third Party Origination channel to Renasant Bank on June 7, 2019. Upon the closing of the sale of the Correspondent channel to Rushmore, the mortgage restructuring announced on April 1, 2019 will substantially be completed. In addition to the $1.1M restructuring expense reported for Q1, FB Financial expects to record additional restructuring charges of up to $1.5M to cover transaction related expenses, severance and other items related to its mortgage operations. Excluding the impact of the mortgage restructuring charges, FB Financial expects an increase in the operating results from its total mortgage operations in Q2 as compared to Q1.

FBK FB Financial
$35.14

0.06 (0.17%)

09/25/18
SPHN
09/25/18
NO CHANGE
SPHN
FB Financial guidance may add caution about mortgage heavy banks, says Stephens
Stephens analyst Tyler Stafford noted that FB Financial (FBK) has lowered its mortgage expectations for the second half of the year, which he sees being driven by softer volumes than originally expected coupled with incremental GOS margin pressure. Stafford thinks FB Financial's guidance may make investors incrementally more cautious around other mortgage heavy banks, he tells investors. On a list of banks with the largest GOS mortgage exposures as a percentage of revenue as of Q2 2018, Stafford identifies HomeStreet (HMST), Hilltop Holdings (HTH), Fidelity Southern (LION) and Flagstar Bancorp (FBC) alongside FB Financial.
10/24/18
SPHN
10/24/18
DOWNGRADE
Target $40
SPHN
Equal Weight
FB Financial downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Tyler Stafford downgraded FB Financial to Equal Weight and lowered his price target for the shares to $40 from $47. The company's near-term quarterly results will likely be "noisy" due to the mortgage repositioning currently underway, Stafford tells investors in a research note. The analyst believes the company's long-term prospects are intact and cites valuation for the downgrade.
12/11/18
RHCO
12/11/18
INITIATION
Target $43
RHCO
Buy
FB Financial initiated with a Buy at SunTrust
SunTrust analyst Jennifer Demba initiated FB Financial with a Buy rating and a price target of $43, citing its position as "one of the few local banks" serving the "economically vibrant" Nashville, TN market where it has a 12th largest market share. The analyst is also positive on FB Financial's branch acquisition from Atlantic Capital (ACBI). which gives it an entry into the "highly attractive Dalton, GA" market and is expected to be earnings-accretive in 2019/2020.

TODAY'S FREE FLY STORIES

VMW

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DHI

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HIBB

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Hibbett Sports

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INTC

Intel

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HPQ

HP Inc.

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HIBB

Hibbett Sports

$17.01

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KBH

KB Home

$28.48

0.31 (1.10%)

06:32
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INTU

Intuit

$276.05

-0.29 (-0.10%)

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HIBB

Hibbett Sports

$17.01

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Lennar

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ROST

Ross Stores

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M

Macy's

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CRM

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SEMG

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SSNLF

Samsung

$0.00

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$0.00

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WMT

Walmart

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VMW

VMware

$148.15

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VMW

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$148.15

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CBLK

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UBS

UBS

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MO

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