Phocas Financial Corp. Sells 35,493 Shares of F.N.B. Corporation (NYSE:FNB)

Key Points

• Phocas Financial Corp. reduced its holdings in F.N.B. Corporation by 5.5%, owning 614,578 shares after selling 35,493 shares, which makes F.N.B. 1.3% of its portfolio.
• Several analysts have upgraded their ratings for F.N.B., with Wells Fargo raising the target price from $18.00 to $20.00, while DA Davidson increased theirs from $17.00 to $19.00.
• F.N.B. Corporation announced a quarterly dividend of $0.12 per share, representing an annualized dividend yield of 3.2%, set to be paid on September 15th.

Phocas Financial Corp. trimmed its holdings in shares of F.N.B. Corporation (NYSE:FNB - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 614,578 shares of the bank's stock after selling 35,493 shares during the period. F.N.B. makes up approximately 1.3% of Phocas Financial Corp.'s holdings, making the stock its 18th largest position. Phocas Financial Corp. owned approximately 0.17% of F.N.B. worth $8,266,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in shares of F.N.B. during the 4th quarter valued at about $39,000. Parallel Advisors LLC boosted its stake in shares of F.N.B. by 47.4% during the first quarter. Parallel Advisors LLC now owns 3,096 shares of the bank's stock valued at $42,000 after purchasing an additional 995 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in F.N.B. in the first quarter valued at approximately $42,000. Meeder Asset Management Inc. boosted its stake in F.N.B. by 233.5% in the first quarter. Meeder Asset Management Inc. now owns 3,445 shares of the bank's stock valued at $46,000 after acquiring an additional 2,412 shares in the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of F.N.B. during the first quarter worth $47,000. 79.25% of the stock is currently owned by hedge funds and other institutional investors.

F.N.B. Stock Down 0.6%

FNB traded down $0.10 during trading on Thursday, reaching $14.80. The company had a trading volume of 865,808 shares, compared to its average volume of 3,318,345. The business's fifty day moving average price is $14.86 and its 200 day moving average price is $14.29. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $5.32 billion, a P/E ratio of 11.54, a PEG ratio of 0.86 and a beta of 0.94. F.N.B. Corporation has a 12 month low of $10.88 and a 12 month high of $17.70.

F.N.B. (NYSE:FNB - Get Free Report) last announced 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. The firm had revenue of $438.21 million during the quarter, compared to analysts' expectations 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 prior year, the company posted $0.34 EPS. Equities analysts anticipate that F.N.B. Corporation will post 1.45 EPS for the current year.

F.N.B. Dividend Announcement

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 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 3.2%. F.N.B.'s dividend payout ratio is currently 37.50%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wells Fargo & Company boosted 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 note on Monday, July 21st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $18.50 target price (up previously from $16.50) on shares of F.N.B. in a report on Monday, July 21st. Wall Street Zen raised shares of F.N.B. from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. DA Davidson increased 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 note on Monday, July 21st. Finally, Truist Financial increased their price target on shares of F.N.B. from $17.50 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, F.N.B. has an average rating of "Moderate Buy" and a consensus target price of $18.64.

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.