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UPDATE: FIG Partners Initiates Coverage on F.N.B. Corporation on Valuation Considerations

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In a report published Thursday, FIG Partners analyst Brian Martin initiated coverage on F.N.B. Corporation (NYSE: FNB) with a Market Perform rating and $13.25 price target.

In the report, FIG Partners noted, “We are initiating coverage of Hermitage, PA-based F.N.B. Corporation (FNB) at ‘Market-Perform'. Our Operating EPS estimates for 2013, 2014, and 2015 are $0.83, $0.90, and $1.01, respectively. Valuation considerations keep us on the sidelines as this high quality Mid Atlantic franchise is well positioned to deliver strong operating results and capitalize on offensive opportunities. Our 12-month Price Target of $13.25 assumes shares trade at ~14.7x our FY 2014 estimate and nearly 245% of our forward TBV estimate. These multiples are a premium to peer which we believe is justified given the company's higher level of core profitability and solid EPS prospects. The core deposit premium, inclusive of pending acquisitions, is approximately 13%.”

F.N.B. Corporation closed on Wednesday at $12.13.

Latest Ratings for FNB

DateFirmActionFromTo
Jul 2018DowngradesStrong BuyOutperform
Dec 2017Initiates Coverage OnEqual-Weight
Jun 2017Initiates Coverage OnStrong Buy

View More Analyst Ratings for FNB
View the Latest Analyst Ratings

Posted-In: Brian Martin FIG PartnersAnalyst Color Initiation Analyst Ratings

 

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