PITTSBURGH—Vincent J. Delie Jr., Chairman, President, and CEO of FNB Corp (NYSE:FNB), has sold 125,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $16.501, amounting to a total transaction value of approximately $2.06 million. The transaction comes as FNB, currently valued at $5.9 billion, has shown strong momentum with a 27.5% price return over the past six months. According to InvestingPro analysis, the stock appears slightly undervalued at current levels.
Following this transaction, Delie retains direct ownership of 1,652,229.043 shares. Additionally, he holds 86,499.039 shares indirectly through a 401K plan. The reported post-transaction share total includes shares acquired through the company's dividend reinvestment plan and dividend equivalent units accrued on restricted stock units. Notably, InvestingPro data shows FNB has maintained dividend payments for 50 consecutive years, with a current yield of 2.9%. For deeper insights into FNB's valuation and performance metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, F.N.B. Corporation has been making strategic financial moves and key appointments. The financial services corporation announced the pricing of its $500 million senior notes offering, due in 2030. The proceeds from this offering are intended for general corporate purposes, including supporting the growth of its banking subsidiary and refinancing existing debt. The offering is scheduled to close in December 2024. Morgan Stanley (NYSE:MS) & Co. LLC, BofA Securities, Inc., and WauBank Securities LLC are acting as joint book-running managers for the offering.
F.N.B. Corporation also reported an operating net income of $122 million and earnings per share of $0.34 for the third quarter. The company showcased solid growth with total loans and deposits increasing by 4.6% and 5.1% respectively. A record non-interest income of $90 million was also reported.
In terms of personnel, F.N.B. Corporation has appointed Kelly Trombetta as its new Chief Operational Risk Officer. Analyst firms Piper Sandler and Stephens have both maintained their Overweight rating on F.N.B. Corporation, despite Stephens lowering their EPS estimates for 2025 and 2026 due to elevated non-interest expenses.
Lastly, F.N.B. Corporation management expressed openness to mergers and acquisitions, focusing on smaller, accretive deals. These are recent developments that indicate the company's strategic growth initiatives and resilience in the face of economic challenges.
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