Wedge Capital Management L L P NC Lowers Position in F.N.B. Co. (NYSE:FNB)

Wedge Capital Management L L P NC lowered its stake in shares of F.N.B. Co. (NYSE:FNB - Free Report) by 18.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 238,368 shares of the bank's stock after selling 52,594 shares during the period. Wedge Capital Management L L P NC owned approximately 0.07% of F.N.B. worth $3,363,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new stake in F.N.B. in the 1st quarter worth about $45,000. GAMMA Investing LLC boosted its position in F.N.B. by 113.8% in the second quarter. GAMMA Investing LLC now owns 3,314 shares of the bank's stock worth $45,000 after purchasing an additional 1,764 shares during the last quarter. UMB Bank n.a. grew its stake in F.N.B. by 82.3% in the 3rd quarter. UMB Bank n.a. now owns 3,687 shares of the bank's stock valued at $52,000 after purchasing an additional 1,665 shares during the period. Blue Trust Inc. increased its position in shares of F.N.B. by 19.7% during the 2nd quarter. Blue Trust Inc. now owns 9,042 shares of the bank's stock valued at $127,000 after purchasing an additional 1,486 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of F.N.B. during the 2nd quarter worth $140,000. 79.25% of the stock is owned by institutional investors.

F.N.B. Stock Performance

Shares of NYSE FNB traded up $0.36 during midday trading on Wednesday, hitting $14.78. The company's stock had a trading volume of 2,875,650 shares, compared to its average volume of 2,173,303. The stock has a fifty day moving average price of $14.13 and a 200 day moving average price of $13.89. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 10.01 and a beta of 0.96. F.N.B. Co. has a one year low of $10.24 and a one year high of $15.65. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33.

F.N.B. (NYSE:FNB - Get Free Report) last posted its earnings results on Wednesday, July 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 9.04% and a net margin of 18.27%. The company's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. On average, research analysts forecast that F.N.B. Co. will post 1.38 EPS for the current fiscal year.

F.N.B. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Stockholders of record on Thursday, September 5th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, September 5th. F.N.B.'s payout ratio is 38.71%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FNB. Stephens restated an "overweight" rating and set a $16.00 price target on shares of F.N.B. in a research report on Thursday, July 18th. Piper Sandler raised their price target on shares of F.N.B. from $15.00 to $17.00 and gave the stock an "overweight" rating in a research note on Friday, July 19th. StockNews.com cut shares of F.N.B. from a "hold" rating to a "sell" rating in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $16.00 price objective on shares of F.N.B. in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, F.N.B. has an average rating of "Moderate Buy" and a consensus target price of $16.00.

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.