The biggest shareholder at FB Financial in Nashville, Tenn., is selling a large block of stock.
The $11.9 billion-asset company disclosed in a regulatory filing Monday that Jim Ayers, its founder and vice chairman, plans to sell 2.5 million shares in a secondary offering. The stock is worth roughly $104.4 million based on the company closing price the day of the filing.
The stock represents about 5.3% of FB Financial’s outstanding shares, as of March 31.
The sales will lower his stake in the company from 28.8% to 23.5%, the filing said.
“We are not entirely surprised to see Ayers … liquidate some of his [roughly $580 million] position as uncertainty around capital gains tax policy looms,” Stephen Scouten, an analyst at Piper Sandler, wrote in a note to clients.“Ayers currently has no additional plans for similar
transactions,” Scouten added. “Ayers still plays an active role in FB Financial's
strategic direction as vice chairman … and we do not think he is interested in
diminishing his influence any time soon.”
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