AQR Capital Management LLC Acquires 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 increased its stake in shares of F.N.B. Corporation (NYSE:FNB - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,896,488 shares of the bank's stock after acquiring an additional 505,780 shares during the quarter. AQR Capital Management LLC owned approximately 0.53% of F.N.B. worth $25,204,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. McClarren Financial Advisors Inc. bought a new position in shares of F.N.B. during the first quarter valued at about $28,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of F.N.B. in the first quarter worth about $34,000. Parallel Advisors LLC increased its stake in shares of F.N.B. by 47.4% in the first quarter. Parallel Advisors LLC now owns 3,096 shares of the bank's stock worth $42,000 after purchasing an additional 995 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of F.N.B. in the first quarter valued at approximately $42,000. Finally, AlphaQuest LLC boosted its position in shares of F.N.B. by 82.2% in the first quarter. AlphaQuest LLC now owns 3,295 shares of the bank's stock valued at $44,000 after acquiring an additional 1,487 shares during the period. 79.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FNB has been the subject of several research analyst reports. 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. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $18.50 target price (up from $16.50) on shares of F.N.B. in a research note on Monday, July 21st. DA Davidson boosted their price objective 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. Truist Financial boosted their price objective 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. Finally, Wells Fargo & Company upped their target price on shares of F.N.B. from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, F.N.B. presently has an average rating of "Buy" and a consensus target price of $18.64.

F.N.B. Stock Performance

Shares of FNB traded up $0.07 on Friday, reaching $16.51. The company's stock had a trading volume of 4,427,077 shares, compared to its average volume of 4,002,987. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.93 and a quick ratio of 0.93. F.N.B. Corporation has a 12-month low of $10.88 and a 12-month high of $17.70. The stock has a market capitalization of $5.93 billion, a P/E ratio of 12.89, a PEG ratio of 0.92 and a beta of 0.98. The stock's 50 day simple moving average is $15.88 and its two-hundred day simple moving average is $14.40.

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

F.N.B. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.48 annualized dividend and a dividend yield of 2.9%. F.N.B.'s dividend payout ratio (DPR) is presently 37.50%.

F.N.B. Profile

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.