Retirement Systems of Alabama Sells 6,575 Shares of F.N.B. Co. (NYSE:FNB)

Retirement Systems of Alabama decreased its position in shares of F.N.B. Co. (NYSE:FNB) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,250,623 shares of the bank’s stock after selling 6,575 shares during the period. Retirement Systems of Alabama owned approximately 0.35% of F.N.B. worth $17,109,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FNB. Norges Bank purchased a new position in F.N.B. during the 4th quarter valued at approximately $49,533,000. Public Employees Retirement Association of Colorado increased its position in F.N.B. by 706.6% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,208,076 shares of the bank’s stock worth $16,635,000 after purchasing an additional 1,058,293 shares during the last quarter. Principal Financial Group Inc. raised its stake in F.N.B. by 17.2% during the fourth quarter. Principal Financial Group Inc. now owns 4,921,251 shares of the bank’s stock valued at $67,766,000 after purchasing an additional 723,755 shares in the last quarter. Rafferty Asset Management LLC lifted its position in F.N.B. by 61.3% during the fourth quarter. Rafferty Asset Management LLC now owns 535,520 shares of the bank’s stock valued at $7,374,000 after purchasing an additional 203,429 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in F.N.B. by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,456,310 shares of the bank’s stock valued at $47,593,000 after purchasing an additional 160,060 shares during the last quarter. 79.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FNB has been the topic of several recent research reports. Piper Sandler upped their target price on shares of F.N.B. from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $16.00 price objective on shares of F.N.B. in a research report on Wednesday, June 26th. Stephens reissued an “overweight” rating and set a $16.00 target price on shares of F.N.B. in a research report on Thursday, July 18th. Finally, StockNews.com downgraded F.N.B. from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.29.

F.N.B. Price Performance

Shares of FNB stock opened at $14.76 on Friday. The stock has a 50 day moving average price of $14.05 and a 200 day moving average price of $13.70. F.N.B. Co. has a 52-week low of $10.24 and a 52-week high of $15.65. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $5.31 billion, a P/E ratio of 11.90, a P/E/G ratio of 10.54 and a beta of 0.98.

F.N.B. (NYSE:FNB) last issued its earnings results on Wednesday, July 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The company had revenue of $403.81 million for the quarter, compared to analysts’ expectations of $408.14 million. F.N.B. had a net margin of 18.27% and a return on equity of 9.04%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 earnings per share. As a group, sell-side analysts predict that F.N.B. Co. will post 1.39 earnings per share for the current year.

F.N.B. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Thursday, September 5th 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 3.25%. The ex-dividend date of this dividend is Thursday, September 5th. F.N.B.’s dividend payout ratio (DPR) is presently 38.71%.

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.