FNB Corp. (FNB) Stock Drops on Q2 Earnings Miss, Yadkin Financial Deal
NEW YORK (TheStreet) -- Shares of FNB Corp. (FNB) - Get Report are falling 8.94% to $12.02 on heavy trading volume after the company reported a 2016 second quarter earnings miss and a potential acquisition of Yadkin Financial (YDKN).
Over 8.7 million shares of the company's stock have traded so far today, vs. the average of 1.32 million.
FNB reported second quarter results today with adjusted earnings of 22 cents per share, missing analysts' estimates of 23 cents.
The company posted a revenue beat, reporting $205.8 million in revenue for the quarter vs. estimates of $205 million.
The company also announced that it is looking to acquire Yadkin Financial in an all-stock merger. The deal would increase FNB's reach and assets by 35% to $27 billion.
FNB is a regional banking company based in Pittsburgh.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: FNB
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.