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10 Buy-Rated Bank Stocks With Highest Dividend Yields

10. F.N.B Corp.

Shares of F.N.B. Corp. (FNB) of Hermitage, Pa., closed at $11.36 Thursday, returning 8% this year, following a 2% decline during 2011. The shares trade for 2.3 times tangible book value, according to Thomson Reuters Bank Insight, and for 12.5 times the consensus 2014 earnings estimate of $0.91 a share, according to Thomson Reuters Bank Insight.

Based on a quarterly payout of $0.12, the shares have a dividend yield of 4.23%.

F.N.B. Corp is rated an A-minus (Excellent) by TheStreet Ratings.

The company had $12.0 billion in total assets as of Dec. 31 and earned $110.4 million, or $0.79 a share in 2012, increasing from $87.0 million, or 70 cents a share, in 2011. F.N.B. Corp.'s 2012 operating return on average assets (ROA) was 0.95%, improving from 0.88% the previous year, according to Thomson Reuters Bank Insight.

F.N.B on Feb. 19 announced an agreement to acquire PVF Capital Corp. (PVFC) of Solon, Ohio, in an all-stock deal valued at $106.4 million. PVF is the holding company for Park View Federal Savings Bank, with $782 million in total assets and 16 branches in the Cleveland area. F.N.B. said that the acquisition would be "accretive to tangible book value per share," and would have no effect on the combined company's ratio of tangible common equity to total assets.

F.N.C. Corp. reported a Dec. 31 ratio of tangible equity to tangible assets of 6.09%, and a strong regulatory Tier 1 leverage ratio of 8.29%.

Guggenheim Securities analyst David Darst has a neutral rating on F.N.B. Corp. and said in a report on Feb. 19 after the PVF Capital deal was announced that "initially, the transaction likely will be only modestly accretive to EPS; however, we believe FNB will drive much greater value in one to two years."

"Expansion into Cleveland is a better fit than moving further east at this time and is likely to be an important market for FNB and future growth," Darst wrote, adding that the company already "has several branches in the market and recently hired several commercial lenders in the market."

Darst estimates that F.N.B. Corp. will earn $0.86 a share this year, with EPS rising to $0.90 in 2014.

FNB Chart FNB data by YCharts

Interested in more on F.N.B. Corp.? See TheStreet Ratings' report card for this stock.
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