6. F.N.B. Corp.
Shares of F.N.B. Corp. (FNB) of Hermitage, Pa., closed at $10.18 Friday, returning 25% over the previous year. Based on a quarterly payout of 12 cents, the shares have a dividend yield of 3.72%.
The company had $9.8 billion in total assets as of March 31, with over 220 branches in Pennsylvania and Ohio. F.N.B raised $54.6 million through a public offering completed in May.First-quarter net income was $17.2 million, or 14 cents a share, increasing from $16 million, or 14 cents a share, in the first quarter of 2010. The first-quarter ROA was 0.71% and the dividend payout ratio was 86%, which was the highest payout ratio over the past five quarters. On May 31, Andy Stapp of B. Riley upgraded his rating on F.N.B. Corp. to a "buy" from a neutral rating, with a price target of $11.25, saying that the company had "realized seven consecutive quarters of loan growth." Stapp said he expected the loan growth to "accelerate over time as trucking companies, pipe manufacturers and other customers that stand to benefit from the development of the Marcellus shale play invest in their businesses." The consensus among analysts is for F.N.B. to earn 70 cents a share for 2011. shares trade for 12 times the consensus 2012 earnings estimate of 84 cents a share. Among the ten analysts covering F.N.B. Corp., three rate the shares a buy, while the remaining analysts all have neutral ratings.
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