Prospector Partners LLC Lowers Position in F.N.B. Corporation $FNB

Key Points

• Prospector Partners LLC reduced its stake in F.N.B. Corporation by 45.8%, holding 443,612 shares worth approximately $5.97 million after selling 374,436 shares in the first quarter of 2023.
• F.N.B. reported earnings of $0.36 EPS, exceeding analysts' expectations of $0.33, with revenue of $438.21 million for the last quarter.
• The bank will pay a quarterly dividend of $0.12 per share on September 15th, 2023, translating to an annualized yield of 3.1%.

Prospector Partners LLC trimmed its position in F.N.B. Corporation (NYSE:FNB - Free Report) by 45.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 443,612 shares of the bank's stock after selling 374,436 shares during the quarter. Prospector Partners LLC owned approximately 0.12% of F.N.B. worth $5,967,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FNB. First Trust Advisors LP grew its position in shares of F.N.B. by 76.8% in the 4th quarter. First Trust Advisors LP now owns 5,233,363 shares of the bank's stock valued at $77,349,000 after buying an additional 2,273,736 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of F.N.B. in the 4th quarter valued at $15,801,000. Balyasny Asset Management L.P. purchased a new position in shares of F.N.B. in the 4th quarter valued at $12,952,000. Northern Trust Corp grew its position in shares of F.N.B. by 26.4% in the 4th quarter. Northern Trust Corp now owns 3,133,235 shares of the bank's stock valued at $46,309,000 after buying an additional 655,383 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of F.N.B. by 485.4% in the 1st quarter. Victory Capital Management Inc. now owns 748,816 shares of the bank's stock valued at $10,072,000 after buying an additional 620,891 shares during the last quarter. 79.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FNB has been the topic of a number of recent analyst reports. Wells Fargo & Company increased 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. 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. Truist Financial increased 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. DA Davidson raised their price objective on shares of F.N.B. from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and set a $18.50 price objective (up from $16.50) on shares of F.N.B. in a research report on Monday, July 21st. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $18.64.

F.N.B. Stock Performance

F.N.B. stock traded up $0.6610 during midday trading on Friday, hitting $16.5010. 15,604,309 shares of the company's stock were exchanged, compared to its average volume of 7,191,251. F.N.B. Corporation has a 12-month low of $10.88 and a 12-month high of $17.70. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 0.90 and a beta of 0.94. The firm's 50 day simple moving average is $15.27 and its 200 day simple moving average is $14.29.

F.N.B. (NYSE:FNB - Get Free Report) last issued its 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. The business had revenue of $438.21 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $0.34 earnings per share. Equities research analysts predict that F.N.B. Corporation will post 1.45 EPS for the current year.

F.N.B. Announces Dividend

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 issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.48 annualized dividend and a dividend yield of 2.9%. F.N.B.'s payout ratio is presently 37.50%.

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.