Comerica Bank Cuts Stake in F.N.B. Corporation $FNB

Key Points

• Comerica Bank reduced its holdings in F.N.B. Corporation by 21.0% in the first quarter, selling 79,345 shares and owning 298,314 shares worth approximately $4 million.
• Several research firms have raised their target prices for F.N.B. shares, with Wells Fargo increasing it from $18.00 to $20.00 and Keefe, Bruyette & Woods raising it to $18.50.
• F.N.B. announced a quarterly dividend of $0.12 per share, resulting in a 2.9% yield and a payout ratio of 37.50%.

Comerica Bank reduced its stake in shares of F.N.B. Corporation (NYSE:FNB - Free Report) by 21.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,314 shares of the bank's stock after selling 79,345 shares during the quarter. Comerica Bank owned about 0.08% of F.N.B. worth $4,012,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FNB. Price T Rowe Associates Inc. MD lifted its position in F.N.B. by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 207,273 shares of the bank's stock worth $3,064,000 after acquiring an additional 18,045 shares during the period. Northern Trust Corp increased its holdings in shares of F.N.B. by 26.4% in the fourth quarter. Northern Trust Corp now owns 3,133,235 shares of the bank's stock valued at $46,309,000 after purchasing an additional 655,383 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of F.N.B. during the fourth quarter worth approximately $629,000. Aptus Capital Advisors LLC lifted its holdings in shares of F.N.B. by 2.9% during the fourth quarter. Aptus Capital Advisors LLC now owns 41,111 shares of the bank's stock worth $608,000 after purchasing an additional 1,142 shares during the period. Finally, AmeriServ Wealth Advisors purchased a new position in F.N.B. in the 4th quarter valued at $463,000. Hedge funds and other institutional investors own 79.25% of the company's stock.

F.N.B. Price Performance

Shares of F.N.B. stock traded up $0.20 on Thursday, hitting $16.68. The company's stock had a trading volume of 4,766,638 shares, compared to its average volume of 3,876,594. The company has a market capitalization of $5.99 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 0.95 and a beta of 0.98. F.N.B. Corporation has a 52-week low of $10.88 and a 52-week high of $17.70. The firm has a fifty day moving average price of $15.69 and a 200-day moving average price of $14.34. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.41.

F.N.B. (NYSE:FNB - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $438.21 million during the quarter, compared to analysts' expectations of $424.39 million. During the same quarter in the previous year, the business posted $0.34 earnings per share. On average, equities research analysts expect that F.N.B. Corporation will post 1.45 earnings per share for the current fiscal year.

F.N.B. Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FNB. 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 report on Monday, July 21st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $18.50 price objective (up previously from $16.50) on shares of F.N.B. in a research report on Monday, July 21st. Truist Financial lifted their price objective on F.N.B. from $17.50 to $18.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Wall Street Zen raised F.N.B. from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, DA Davidson raised their price target on F.N.B. from $17.00 to $19.00 and gave the company a "buy" rating in a report on Monday, July 21st. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, F.N.B. presently has a consensus rating of "Buy" and an average target price of $18.64.

F.N.B. Company 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.