State of Michigan Retirement System Has $1.06 Million Holdings in F.N.B. Co. (NYSE:FNB)

Posted by Defense World Staff on Jul 24th, 2023

State of Michigan Retirement System increased its stake in F.N.B. Co. (NYSE:FNB – Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 91,051 shares of the bank’s stock after purchasing an additional 1,700 shares during the period. State of Michigan Retirement System’s holdings in F.N.B. were worth $1,056,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH boosted its stake in F.N.B. by 15.8% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 1,950,104 shares of the bank’s stock worth $22,621,000 after purchasing an additional 265,720 shares during the period. Arizona State Retirement System boosted its stake in F.N.B. by 2.7% in the 1st quarter. Arizona State Retirement System now owns 101,641 shares of the bank’s stock worth $1,179,000 after purchasing an additional 2,672 shares during the period. Oak Thistle LLC acquired a new position in F.N.B. in the 1st quarter worth $371,000. Strs Ohio boosted its stake in F.N.B. by 8.2% in the 1st quarter. Strs Ohio now owns 214,692 shares of the bank’s stock worth $2,490,000 after purchasing an additional 16,193 shares during the period. Finally, Vestor Capital LLC boosted its stake in F.N.B. by 360.9% in the 1st quarter. Vestor Capital LLC now owns 23,407 shares of the bank’s stock worth $3,255,000 after purchasing an additional 18,329 shares during the period. 76.78% of the stock is owned by institutional investors and hedge funds.

F.N.B. Trading Down 0.4 %

Shares of NYSE:FNB opened at $12.50 on Monday. F.N.B. Co. has a 52-week low of $10.09 and a 52-week high of $14.71. The company has a market capitalization of $4.51 billion, a P/E ratio of 8.06 and a beta of 1.06. The company has a 50-day simple moving average of $11.60 and a 200 day simple moving average of $12.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.88 and a current ratio of 0.90.

F.N.B. (NYSE:FNB – Get Free Report) last issued its earnings results on Wednesday, July 19th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. F.N.B. had a net margin of 28.28% and a return on equity of 10.52%. The business had revenue of $409.55 million during the quarter, compared to the consensus estimate of $406.15 million. During the same period last year, the business posted $0.31 EPS. F.N.B.’s revenue was up 21.9% on a year-over-year basis. Sell-side analysts forecast that F.N.B. Co. will post 1.5 earnings per share for the current year.

F.N.B. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, September 5th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, September 1st. This represents a $0.48 annualized dividend and a yield of 3.84%. F.N.B.’s dividend payout ratio (DPR) is presently 30.97%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. DA Davidson increased their price objective on shares of F.N.B. from $16.00 to $17.00 in a research note on Friday. Stephens restated an “overweight” rating and set a $15.00 price objective on shares of F.N.B. in a research note on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of F.N.B. from $16.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. Raymond James reduced their price objective on shares of F.N.B. from $16.00 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Finally, StockNews.com assumed coverage on shares of F.N.B. in a research note on Thursday, May 18th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

F.N.B. Company Profile

(Free Report)

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.