MetLife Investment Advisors LLC raised its stake in First Commonwealth Financial (NYSE:FCF) by 52.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,189 shares of the bank’s stock after acquiring an additional 24,253 shares during the quarter. MetLife Investment Advisors LLC owned approximately 0.07% of First Commonwealth Financial worth $1,133,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in First Commonwealth Financial by 4.0% in the third quarter. BlackRock Inc. now owns 14,632,667 shares of the bank’s stock valued at $236,172,000 after acquiring an additional 569,462 shares during the period. Victory Capital Management Inc. raised its stake in shares of First Commonwealth Financial by 2.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,860,045 shares of the bank’s stock worth $30,021,000 after buying an additional 40,585 shares during the period. Northern Trust Corp raised its stake in shares of First Commonwealth Financial by 3.3% during the 2nd quarter. Northern Trust Corp now owns 1,603,929 shares of the bank’s stock worth $24,877,000 after buying an additional 50,811 shares during the period. Renaissance Technologies LLC raised its stake in shares of First Commonwealth Financial by 19.4% during the 3rd quarter. Renaissance Technologies LLC now owns 1,570,600 shares of the bank’s stock worth $25,349,000 after buying an additional 255,200 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of First Commonwealth Financial by 3.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,456,527 shares of the bank’s stock worth $23,508,000 after buying an additional 45,827 shares during the period. 69.41% of the stock is owned by institutional investors.
Shares of FCF opened at $12.84 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. First Commonwealth Financial has a one year low of $11.33 and a one year high of $17.91. The company has a market cap of $1.27 billion, a P/E ratio of 15.66, a PEG ratio of 1.46 and a beta of 1.16.
First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). First Commonwealth Financial had a return on equity of 11.00% and a net margin of 22.65%. The firm had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $84.76 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, equities analysts predict that First Commonwealth Financial will post 1.02 EPS for the current year.
First Commonwealth Financial announced that its Board of Directors has approved a stock buyback program on Tuesday, October 23rd that permits the company to buyback $25.00 million in shares. This buyback authorization permits the bank to purchase up to 1.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Director Ray T. Charley purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The stock was purchased at an average cost of $12.90 per share, for a total transaction of $51,600.00. Following the completion of the transaction, the director now owns 280,041 shares of the company’s stock, valued at $3,612,528.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Luke A. Latimer purchased 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 18th. The shares were purchased at an average price of $12.24 per share, with a total value of $97,920.00. Following the completion of the transaction, the director now directly owns 145,918 shares of the company’s stock, valued at approximately $1,786,036.32. The disclosure for this purchase can be found here. Insiders have purchased 13,170 shares of company stock valued at $164,449 over the last quarter. 1.42% of the stock is owned by company insiders.
Several research analysts have recently weighed in on the company. ValuEngine downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Zacks Investment Research downgraded First Commonwealth Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Boenning Scattergood reaffirmed a “hold” rating and set a $14.00 target price on shares of First Commonwealth Financial in a research note on Wednesday, October 24th. B. Riley raised First Commonwealth Financial from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $18.00 to $16.00 in a research note on Thursday, November 8th. Finally, Sandler O’Neill raised First Commonwealth Financial from a “hold” rating to a “buy” rating in a research note on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. First Commonwealth Financial presently has an average rating of “Hold” and an average target price of $16.67.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.
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