Corebridge Financial Inc. Lowers Stock Holdings in F.N.B. Co. (NYSE:FNB)

Corebridge Financial Inc. cut its holdings in shares of F.N.B. Co. (NYSE:FNB) by 4.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 406,854 shares of the bank’s stock after selling 18,325 shares during the quarter. Corebridge Financial Inc.’s holdings in F.N.B. were worth $6,013,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. AlphaQuest LLC increased its stake in shares of F.N.B. by 3,589.8% during the 4th quarter. AlphaQuest LLC now owns 1,808 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,759 shares during the last quarter. Brooklyn Investment Group acquired a new position in F.N.B. during the third quarter worth approximately $31,000. Versant Capital Management Inc raised its stake in F.N.B. by 100.9% during the fourth quarter. Versant Capital Management Inc now owns 4,011 shares of the bank’s stock worth $59,000 after purchasing an additional 2,014 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of F.N.B. by 31.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 4,600 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Sandy Spring Bank purchased a new stake in shares of F.N.B. during the 4th quarter valued at $67,000. 79.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at F.N.B.

In other F.N.B. news, Director William B. Campbell purchased 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average price of $15.57 per share, for a total transaction of $46,710.00. Following the completion of the purchase, the director now owns 158,834 shares in the company, valued at $2,473,045.38. The trade was a 1.93 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David L. Motley sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $15.51, for a total value of $232,650.00. Following the sale, the director now owns 65,344 shares of the company’s stock, valued at approximately $1,013,485.44. This trade represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

F.N.B. Price Performance

FNB stock opened at $13.41 on Friday. The firm has a market cap of $4.82 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 3.60 and a beta of 0.98. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 0.94. F.N.B. Co. has a 1 year low of $12.49 and a 1 year high of $17.70. The stock has a 50-day simple moving average of $14.70 and a 200-day simple moving average of $14.95.

F.N.B. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 15th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.58%. F.N.B.’s dividend payout ratio is currently 38.10%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FNB. Piper Sandler cut their target price on F.N.B. from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. DA Davidson raised their price objective on F.N.B. from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their target price on F.N.B. from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company cut their price target on shares of F.N.B. from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.50.

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.