F.N.B. Gains 3.1% on Strong Q3 Results


Shares of financial services firm F.N.B. Corp. (FNB) rose 3.1% in extended trade on Monday after the company reported strong financial results for the third quarter of 2021.

Based out of Pennsylvania, F.N.B. offers commercial banking, consumer banking and wealth management solutions in Pennsylvania, Maryland, Ohio, Washington, D.C. and North Carolina.

The company reported earnings per share (EPS) of $0.34, higher than $0.26 reported in the year-ago quarter and the Street’s estimate of $0.30. Total revenue increased 4.6% year-over-year to $321.3 million, exceeding analysts’ expectations of $307 million.

Non-interest income rose 11% year-over-year to $88.9 million, driven by increased contributions from wealth management and capital markets. Net interest income climbed 2.3% to $232.4 million due to higher Paycheck Protection Program (PPP) income.

Average loans and leases fell 5.1% year-over-year to $24.7 billion, and average deposits totaled $30.8 billion. (See Insiders’ Hot Stocks on TipRanks)

The Chairman, President and CEO of F.N.B., Vincent J. Delie, Jr., said, “Our financial results were highlighted by a return on tangible common equity of 17% and sequential tangible book value per share growth of 11% annualized, to $8.42…We are particularly excited by the growth in our digital strategy bolstering our presence that is no longer limited by our physical locations.”

“As we head into the end of the year, we are well-positioned to benefit from our investments in technology and continued strong customer activity across all of our markets,” Delie added.

On October 7, Wells Fargo (WFC) analyst Jared Shaw maintained a Buy rating on the stock with a price target of $13.5 (11.3% upside potential). The analyst expects the company to report EPS of $0.31 in the fourth quarter.

Overall, the stock has a Moderate Buy consensus rating based on 2 Buys and 2 Holds. The average F.N.B. price target of $13.38 implies 10.3% upside potential. Shares have gained nearly 64% over the past year.

According to TipRanks’ Smart Score rating system, F.N.B. scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.

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