We study the Fréedericksz transition in a twist geometry under the effect of a periodic modulation of the magnitude of the applied magnetic field. We find a shift of the effective instability point and a time-periodic state with anomalously large orientational fluctuations. This time-periodic state occurs below threshold and it is accompanied by a dynamically stabilized spatial pattern. Beyond the instability the emergence of a transient pattern can be significantly delayed by a fast modulation, allowing the observation of pattern selection by slowing down the reorientational dynamics.