AQR Capital Management LLC Buys 505,780 Shares of F.N.B. Corporation $FNB

Key Points

• AQR Capital Management LLC boosted its stake in F.N.B. Corporation by 36.4% during the first quarter, acquiring approximately 1,896,488 shares valued at $25.2 million.
• Wall Street analysts have issued positive reviews for F.N.B., with several firms raising their price targets; the average target now stands at $18.64 and the stock holds an average rating of "Buy."
• F.N.B. Corporation recently announced a quarterly dividend of $0.12 per share, representing a yield of 2.9%, with the payment scheduled for September 15th.

AQR Capital Management LLC grew its stake in F.N.B. Corporation (NYSE:FNB - Free Report) by 36.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,896,488 shares of the bank's stock after purchasing an additional 505,780 shares during the period. AQR Capital Management LLC owned about 0.53% of F.N.B. worth $25,204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FNB. Rhino Investment Partners Inc acquired a new stake in F.N.B. in the 1st quarter worth $19,990,000. Victory Capital Management Inc. grew its position in F.N.B. by 485.4% in the 1st quarter. Victory Capital Management Inc. now owns 748,816 shares of the bank's stock worth $10,072,000 after purchasing an additional 620,891 shares during the last quarter. Hsbc Holdings PLC grew its position in F.N.B. by 175.9% in the 1st quarter. Hsbc Holdings PLC now owns 740,798 shares of the bank's stock worth $9,935,000 after purchasing an additional 472,300 shares during the last quarter. Squarepoint Ops LLC grew its position in F.N.B. by 411.4% in the 4th quarter. Squarepoint Ops LLC now owns 495,373 shares of the bank's stock worth $7,322,000 after purchasing an additional 398,501 shares during the last quarter. Finally, Congress Asset Management Co. grew its position in F.N.B. by 185.0% in the 1st quarter. Congress Asset Management Co. now owns 479,760 shares of the bank's stock worth $6,453,000 after purchasing an additional 311,416 shares during the last quarter. 79.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on FNB. Wall Street Zen upgraded shares of F.N.B. from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Wells Fargo & Company lifted their target price on shares of F.N.B. from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.50 target price (up from $16.50) on shares of F.N.B. in a research report on Monday, July 21st. DA Davidson lifted their target price on shares of F.N.B. from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Truist Financial lifted their target price on shares of F.N.B. from $17.50 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $18.64.

F.N.B. Price Performance

NYSE:FNB traded down $0.02 on Friday, reaching $16.43. The stock had a trading volume of 7,151,215 shares, compared to its average volume of 8,426,714. The company has a market capitalization of $5.90 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 0.93 and a beta of 0.98. F.N.B. Corporation has a 1-year low of $10.88 and a 1-year high of $17.70. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $15.89 and a 200-day moving average price of $14.41.

F.N.B. (NYSE:FNB - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $438.21 million for the quarter, compared to analyst estimates of $424.39 million. F.N.B. had a net margin of 17.88% and a return on equity of 7.94%. During the same period in the previous year, the business earned $0.34 earnings per share. Research analysts forecast that F.N.B. Corporation will post 1.45 EPS for the current year.

F.N.B. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 2.9%. F.N.B.'s payout ratio is 37.50%.

About F.N.B.

F.N.B. Corporation, a bank and financial holding company, provides a range of financial products and services primarily to consumers, corporations, governments, and small- to medium-sized businesses in the United States. The company operates through three segments: Community Banking, Wealth Management, and Insurance.