PNC Financial Services Group Inc. Sells 5,396 Shares of First Commonwealth Financial Co. (NYSE:FCF)

PNC Financial Services Group Inc. reduced its stake in shares of First Commonwealth Financial Co. (NYSE:FCF) by 20.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,574 shares of the bank’s stock after selling 5,396 shares during the period. PNC Financial Services Group Inc.’s holdings in First Commonwealth Financial were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FCF. International Assets Investment Management LLC bought a new position in shares of First Commonwealth Financial in the fourth quarter worth approximately $74,000. Tower Research Capital LLC TRC boosted its holdings in First Commonwealth Financial by 50.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,666 shares of the bank’s stock worth $103,000 after buying an additional 2,236 shares during the period. Teza Capital Management LLC purchased a new stake in First Commonwealth Financial in the 3rd quarter worth $212,000. Alps Advisors Inc. bought a new stake in First Commonwealth Financial during the third quarter valued at about $332,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First Commonwealth Financial by 63.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,394 shares of the bank’s stock valued at $438,000 after acquiring an additional 11,040 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on FCF. StockNews.com raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 25th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of First Commonwealth Financial in a research report on Tuesday, April 9th.

First Commonwealth Financial Price Performance

Shares of First Commonwealth Financial stock opened at $13.81 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.14. First Commonwealth Financial Co. has a 12 month low of $11.16 and a 12 month high of $15.90. The stock has a 50 day moving average of $13.48 and a 200 day moving average of $13.77. The firm has a market cap of $1.41 billion, a PE ratio of 8.58 and a beta of 0.86.

First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $116.60 million during the quarter, compared to analyst estimates of $119.80 million. First Commonwealth Financial had a net margin of 24.96% and a return on equity of 12.89%. First Commonwealth Financial’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, research analysts expect that First Commonwealth Financial Co. will post 1.38 EPS for the current fiscal year.

First Commonwealth Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.77%. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, May 2nd. First Commonwealth Financial’s dividend payout ratio is currently 32.30%.

About First Commonwealth Financial

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health 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.