FNB Corp Q2 revenue beats analyst expectations on higher net interest income

Overview

• FNB Q2 revenue of $438 mln beats analyst expectations, per LSEG data

• Earnings per diluted share reaches $0.36 in Q2, net income totals $130.7 mln

• Results driven by margin expansion and growth in net interest income

Result Drivers

• MARGIN EXPANSION - Record revenue driven by margin expansion, reflecting higher yields on earning assets and lower costs of funds

• NET INTEREST INCOME - Growth in net interest income contributed significantly to record revenue, with an increase of $23.4 mln from the prior quarter

• TECH INVESTMENTS - Tech-focused investments, including Clicks-to-Bricks strategy, support ongoing success

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for FNB Corp is $17.00, about 8.8% above its July 16 closing price of $15.51

Press Release: ID:nPn52RS1fa