First Trust Advisors LP increased its stake in First Commonwealth Financial Corporation (NYSE:FCF – Free Report) by 42.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 174,997 shares of the bank’s stock after purchasing an additional 52,410 shares during the quarter. First Trust Advisors LP owned approximately 0.17% of First Commonwealth Financial worth $3,076,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in First Commonwealth Financial by 2,250.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after purchasing an additional 2,498 shares during the period. Smithfield Trust Co bought a new position in shares of First Commonwealth Financial in the fourth quarter worth about $51,000. TD Private Client Wealth LLC lifted its position in shares of First Commonwealth Financial by 20.7% during the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock valued at $61,000 after buying an additional 621 shares in the last quarter. iSAM Funds UK Ltd purchased a new position in shares of First Commonwealth Financial during the 3rd quarter valued at about $85,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of First Commonwealth Financial by 21.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank’s stock valued at $109,000 after acquiring an additional 1,140 shares during the period. 72.58% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on FCF. Raymond James Financial reissued an “outperform” rating and issued a $24.00 target price on shares of First Commonwealth Financial in a report on Friday, July 31st. Keefe, Bruyette & Woods lifted their price target on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Tuesday, May 19th. Royal Bank Of Canada increased their price objective on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, Piper Sandler restated an “overweight” rating and set a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.
First Commonwealth Financial Stock Performance
NYSE:FCF opened at $21.42 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. First Commonwealth Financial Corporation has a 12-month low of $15.00 and a 12-month high of $22.34. The stock has a 50-day moving average price of $20.30 and a 200 day moving average price of $18.85. The stock has a market capitalization of $2.18 billion, a P/E ratio of 13.14 and a beta of 0.75.
First Commonwealth Financial (NYSE:FCF – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%.The company had revenue of $139.42 million for the quarter, compared to analysts’ expectations of $137.48 million. Equities research analysts forecast that First Commonwealth Financial Corporation will post 1.73 EPS for the current fiscal year.
First Commonwealth Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, August 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 34.36%.
Insider Buying and Selling at First Commonwealth Financial
In related news, EVP Michael P. Mccuen sold 5,250 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total transaction of $97,545.00. Following the completion of the transaction, the executive vice president owned 56,861 shares in the company, valued at approximately $1,056,477.38. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $21.85, for a total transaction of $45,273.20. Following the transaction, the chief financial officer directly owned 75,132 shares of the company’s stock, valued at $1,641,634.20. The trade was a 2.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,466 shares of company stock worth $224,517 in the last three months. Insiders own 1.90% of the company’s stock.
First Commonwealth Financial Profile
First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.
First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.
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