FBR Announces 1-for-4 Reverse Split After Posting Profit
FBR will combine every four shares of common stock into a single new share before U.S. markets open on Feb. 28, the Arlington, Virginia-based company said today in a statement. The new shares will trade under the ticker symbol FBRCD for 20 days, and no fractional shares will be issued in connection with the split, according to the statement.
Total common shares outstanding will fall to about 11.8 million from 47.3 million. FBR was little changed today, closing at $4.11 in New York. Based on that price, a 1-for-4 split would value the new shares at $16.44 apiece.
Fourth-quarter profit was $32.1 million, or 60 cents a share, after a loss of $18.9 million, or 33 cents, a year earlier, as revenue more than doubled, fueled by “significantly higher investment-banking revenues,” the company said in a separate statement.
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