Raymond James Financial Inc. Lowers Position in F.N.B. Corporation $FNB

Key Points

• Raymond James Financial Inc. reduced its stake in F.N.B. Corporation by 2.7%, owning approximately 1,040,386 shares worth $13,994,000 after selling 28,744 shares in the first quarter.
• F.N.B. announced a quarterly dividend of $0.12 per share, reflecting an annualized dividend of $0.48 and a yield of 2.9%, to be paid on September 15th.
• The company reported $0.36 earnings per share for the latest quarter, exceeding analyst expectations, with a revenue of $438.21 million, surpassing the anticipated $424.39 million.

Raymond James Financial Inc. lowered its position in shares of F.N.B. Corporation (NYSE:FNB - Free Report) by 2.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,040,386 shares of the bank's stock after selling 28,744 shares during the quarter. Raymond James Financial Inc. owned about 0.29% of F.N.B. worth $13,994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Forum Financial Management LP grew its position in F.N.B. by 5.9% in the fourth quarter. Forum Financial Management LP now owns 13,258 shares of the bank's stock valued at $196,000 after acquiring an additional 744 shares during the last quarter. Verdence Capital Advisors LLC grew its position in F.N.B. by 3.2% in the first quarter. Verdence Capital Advisors LLC now owns 25,489 shares of the bank's stock valued at $343,000 after acquiring an additional 783 shares during the last quarter. LPL Financial LLC grew its position in F.N.B. by 0.4% in the first quarter. LPL Financial LLC now owns 224,171 shares of the bank's stock valued at $3,015,000 after acquiring an additional 886 shares during the last quarter. Federated Hermes Inc. grew its position in F.N.B. by 0.3% in the first quarter. Federated Hermes Inc. now owns 315,585 shares of the bank's stock valued at $4,245,000 after acquiring an additional 892 shares during the last quarter. Finally, State of Michigan Retirement System grew its position in F.N.B. by 1.1% in the first quarter. State of Michigan Retirement System now owns 86,051 shares of the bank's stock valued at $1,157,000 after acquiring an additional 900 shares during the last quarter. Institutional investors and hedge funds own 79.25% of the company's stock.

F.N.B. Trading Down 1.4%

FNB traded down $0.24 during trading on Tuesday, hitting $16.33. The company's stock had a trading volume of 4,455,004 shares, compared to its average volume of 3,827,273. F.N.B. Corporation has a twelve month low of $10.88 and a twelve month 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's fifty day moving average price is $15.61 and its 200-day moving average price is $14.32. The firm has a market capitalization of $5.87 billion, a P/E ratio of 12.75, a PEG ratio of 0.95 and a beta of 0.97.

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 (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. F.N.B. had a return on equity of 7.94% and a net margin of 17.88%.The firm had revenue of $438.21 million for the quarter, compared to analyst estimates of $424.39 million. During the same period in the previous year, the firm earned $0.34 earnings per share. Analysts anticipate that F.N.B. Corporation will post 1.45 EPS for the current year.

F.N.B. Dividend Announcement

The company also recently announced 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. 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 dividend payout ratio is presently 37.50%.

Analysts Set New Price Targets

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

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.