Geode Capital Management LLC, a reputable financial management firm, continues to demonstrate its prowess in investment by lifting its position in shares of F.N.B. Co. (NYSE:FNB) by 6.9%, according to their most recent disclosure with the Securities and Exchange Commission (SEC). The firm’s ownership now amounts to 4,838,021 shares of the bank’s stock after buying an additional 311,591 shares during the period.
Geode Capital Management LLC also announced that it had owned 1.38% of F.N.B., worth $63,136,000 as of its recent SEC filing. This voluminous amount emphasizes how Geode Capital Management LLC is handling investors’ wealth with utmost commitment and prudence.
F.N.B.’s last quarterly earnings provide a positive outlook for this banking institution. On April 20th, the bank reported an EPS of $0.40 for the quarter, similar to analysts’ consensus estimates of $0.40 with a net margin of 29.60% and a return on equity (ROE) standing at 10.12%. Indeed this gave a sigh of relief since investors have been craving profitable returns amidst the economic downturn sparked by the COVID-19 pandemic.
In addition to this impressive performance record from F.N.B., data shows that F.N.B.’s revenue for the same quarter was up by over thirty percent on a year-over-year basis ($416 million), compared to analysts’ projected revenue estimate standing at $413 million.
F.N.B.’s corporate structure consists of three market-leading segments: Community Banking, Wealth Management, and Insurance – all directed towards delivering reliable financial solutions that cater primarily to consumers, corporations, governments and small- to medium-sized businesses within the United States and beyond.
Despite several challenges facing banks today such as insufficient liquidity and stricter regulations amidst global uncertainty caused by political instability or pandemics such as COVID-19, F.N.B.’s impressive Q1 results provide a beacon of hope for investors. With strategic investments from management firms such as Geode Capital Management LLC, the chances for F.N.B. to continue scaling new heights in portfolio management remain high. Ultimately, we can predict a bright future ahead for F.N.B. and its stakeholders.
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Institutional Investors and Hedge Funds Increasing Stake in F.N.B. Corporation
FNB Corporation, a bank and financial holding company, has recently garnered the attention of institutional investors and hedge funds as they modified their holdings of the company. BlackRock Inc., raised its stake in F.N.B. by 13.1% during the first quarter of this year with $497,953,000 worth of shares owned. Similarly, Vanguard Group Inc. upped its ownership by 9.8% to $437,721,000 worth of shares held followed by Fuller & Thaler Asset Management and State Street Corp at $384,189,000 and $233,515,000 respectively. Finally, Dimensional Fund Advisors saw a 4.7% increase in their position in F.N.B., equating to $263,277,000 worth of shares owned.
The current market capitalization for FNB Corporation is $4.31 billion with an average trading volume for mid-day trading on Monday at 2,573,614 shares exchanged. At this time the most recent price adjustment was an increase of one cent per share to land at $11.93 per share.
F.N.B.’s payout ratio is currently 32.88%, having recently declared a quarterly dividend to shareholders on record as of June 2nd with an ex-dividend date on June 1st to be given a dividend payment on Thursday June 15th at the rate of $0.12 per share ($0.48 annualized) resulting in a dividend yield of approximately 4%.
Research firms have also been keeping an eye on F.N.B.’s progress lately with Keefe Bruyette & Woods lowering their price target to $14 from an initial target set at $16 while StockNews.com issued a “sell” rating for the stock on May 18th according to data obtained from Bloomberg.
Overall investor attention seems to be increasing for FNB Corporation due to their positive financial performance and profitability. This will lead to further investments from institutional investors and hedge funds in the future. In light of recent shifts in F.N.B.’s stock price, it is worth keeping an eye on the company’s financial reports on a regular basis for any cues towards changes in the market.