Zacks Investment Research downgraded shares of FCB Financial (NYSE:FCB) from a buy rating to a hold rating in a report published on Wednesday.
According to Zacks, “FCB Financial Holdings Inc. is a bank holding company for Florida Community Bank. The Company, through its subsidiaries, operates community banks in Florida, United States. The Bank offers a comprehensive range of traditional banking products and services to individuals, small and medium-sized businesses, some large businesses, and other local organizations and entities. FCB Financial Holdings Inc. is headquartered in Weston, Florida. “
A number of other research firms have also issued reports on FCB. Bank of America boosted their price target on shares of FCB Financial from $60.00 to $65.00 and gave the company a buy rating in a report on Wednesday, January 24th. Royal Bank of Canada restated a buy rating and set a $61.00 price target on shares of FCB Financial in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $59.20.
FCB Financial (NYSE:FCB) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. FCB Financial had a net margin of 30.60% and a return on equity of 11.64%. The business had revenue of $85.85 million for the quarter, compared to analyst estimates of $88.53 million. During the same quarter in the previous year, the business earned $0.62 earnings per share. analysts forecast that FCB Financial will post 3.59 EPS for the current fiscal year.
In related news, CEO Kent S. Ellert sold 20,537 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $51.22, for a total transaction of $1,051,905.14. Following the transaction, the chief executive officer now directly owns 146,479 shares of the company’s stock, valued at $7,502,654.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart I. Oran sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $56.24, for a total transaction of $281,200.00. Following the transaction, the insider now directly owns 12,104 shares in the company, valued at $680,728.96. The disclosure for this sale can be found here. Insiders have sold 563,261 shares of company stock worth $29,982,825 over the last ninety days. 15.40% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB purchased a new position in FCB Financial during the fourth quarter valued at approximately $266,000. Pier Capital LLC grew its position in FCB Financial by 33.9% during the fourth quarter. Pier Capital LLC now owns 140,047 shares of the bank’s stock valued at $7,114,000 after purchasing an additional 35,467 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in FCB Financial during the fourth quarter valued at approximately $843,000. Macquarie Group Ltd. grew its position in FCB Financial by 5.2% during the fourth quarter. Macquarie Group Ltd. now owns 533,377 shares of the bank’s stock valued at $27,096,000 after purchasing an additional 26,485 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its position in FCB Financial by 46.8% during the fourth quarter. TIAA CREF Investment Management LLC now owns 193,667 shares of the bank’s stock valued at $9,838,000 after purchasing an additional 61,784 shares in the last quarter. 92.68% of the stock is currently owned by hedge funds and other institutional investors.
About FCB Financial
FCB Financial Holdings, Inc is a bank holding company with a national bank subsidiary, Florida Community Bank, National Association (the Bank). The Company operates in the Community Banking segment. Through the Bank, the Company provides a range of retail and commercial banking services. As of December 31, 2016, the Company provided a range of financial products and services to individuals, small and medium-sized businesses, some large businesses, and other local organizations and entities through 46 branches in south and central Florida.
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