F.N.B. Delivering Where It Counts

When I last wrote on F.N.B. (NYSE:FNB) in March of this year, I liked what I thought was an investment story starting to inflect toward growth, with F.N.B. poised to leverage above-average asset sensitivity and loan growth, as well as organic growth opportunities in its core Mid-Atlantic and North Carolina markets. I saw beat-and-raise quarters as a gating driver for the stock, and those beats have started coming through, driving the shares up about 10% since my last update against a roughly 8% drop for regional banks in general.

I'm still bullish on these shares. I like the mix of organic growth opportunities driven by lending and deposit market share gains and branch expansion in markets like Baltimore and Washington, D.C., as well as the tuck-in M&A opportunities across its footprint. The shares aren't quite as undervalued as they used to be, and I'm a little concerned about slowing core growth in 2024, but I think the risk/reward balance here is still pretty favorable.

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F.N.B. Delivering Where It Counts