Virginia Retirement Systems ET Al Buys into F.N.B. Corporation Amid Analyst Optimism

A recent SEC filing reveals that Virginia Retirement Systems ET Al has acquired shares of F.N.B. Corporation, a diversified financial services company headquartered in Pittsburgh, Pennsylvania.

The fund purchased 71,500 shares of the bank's stock during the second quarter, valued at approximately $1,364,000. This is not an isolated instance, as other large investors have also made changes to their positions in the company.

Royal Bank of Canada boosted its position in F.N.B. by 11.6% in the first quarter, while MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake by 23.6%. Goldman Sachs Group Inc. also increased its holding by 77.4%, acquiring an additional 660,387 shares during the last quarter.

Analysts have set a consensus target price of $20.90 for F.N.B. stock, with one analyst assigning a Strong Buy rating and four others giving it a Buy rating. The company's dividend payout ratio is 30.95%, and its current ratio and quick ratio are 0.92 and 0.91, respectively.

F.N.B.'s financial performance for the quarter was strong, with earnings per share (EPS) of $0.42 beating the consensus estimate of $0.42. The company has a debt-to-equity ratio of 0.29 and a P/E ratio of 10.90.