FBN Holdings nears 52-week highs as investors raise further bet
…stock price up 75.5% year-to-date; now best performing banking stock
Buy-side activities in shares of FBN Holdings Plc have continued to increase, pushing the Holdco’s stock price up by 75.5 percent this year. FBN Holdings Plc which reached new high of N12.55 on Monday October 25 continues as investors delight following recent disclosure that Nigeria’s billionaire Otedola Olufemi Peter’s majority stake in the financial institution.
On October 23, 2021, FBN Holdings Plc said it received a notification from APT Securities and Funds Limited, that their Client, Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791. APT Securities informed the NGX Limited that Otedola Olufemi’s direct holding is 10million units while indirect holding through Calvados Global Services Limited is 1.808billion units. Based on the foregoing, the equity stake of Otedola Olufemi Peter and his nominee in the Company is now 5.07percent.
The stock price now nears its record 52-week high of N12.9kobo as more investors take positions in line with analysts recommendations. In their recent recommendation, GTI Research analysts asked investors to “BUY” FBH Holdings shares, saying that the upside potential of the stock over the next 12-months is significantly high when the current price is compared to the analysts fair value. GTI has set a target price (TP) of N15.20 for FBN Holdings, which represents an upside potential of 24.08percent.
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Analysts noted that the price of FBN Holdings has risen over the past month, up until Monday making it by far the best performing banking stock over this period. Trading volumes in the stock have also been extraordinarily high.