Davis Asset Management, L.P. disclosed a new position in FB Financial Corporation, holding 619,236 shares valued at $34.5 million as of Sept. 30, representing 1.2% of the firm’s assets under management (AUM). This was a new position for the fund, with top holdings including NASDAQ: META and NYSE: WAL.

FB Financial Corporation is a regional bank holding company operating through its FirstBank subsidiary, serving commercial and consumer clients in the southeastern United States. Davis Asset Management’s investment in the company signals a value play, despite underperforming the S&P 500. The future of bank stocks remains uncertain due to interest rate cuts.

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Read more at Nasdaq: Davis Asset Management Loads Up FB Financial Shares