First Commonwealth Financial Co. (NYSE:FCF) Stake Lowered by Rhumbline Advisers

Rhumbline Advisers cut its stake in First Commonwealth Financial Co. (NYSE:FCF) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 336,366 shares of the bank’s stock after selling 5,082 shares during the quarter. Rhumbline Advisers owned approximately 0.33% of First Commonwealth Financial worth $4,645,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in First Commonwealth Financial by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,798,856 shares of the bank’s stock worth $43,214,000 after purchasing an additional 23,924 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First Commonwealth Financial by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,569,502 shares of the bank’s stock valued at $101,435,000 after buying an additional 28,553 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in First Commonwealth Financial by 9.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 88,008 shares of the bank’s stock worth $1,359,000 after buying an additional 7,724 shares during the last quarter. Norges Bank bought a new position in First Commonwealth Financial during the fourth quarter valued at approximately $10,803,000. Finally, Trexquant Investment LP acquired a new stake in First Commonwealth Financial in the fourth quarter valued at approximately $743,000. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FCF shares. StockNews.com upgraded shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 25th. Royal Bank of Canada raised their target price on First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Janney Montgomery Scott downgraded First Commonwealth Financial from a “buy” rating to a “neutral” rating and upped their price target for the stock from $16.00 to $19.00 in a research note on Monday, July 29th. Piper Sandler raised their price objective on First Commonwealth Financial from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Finally, Keefe, Bruyette & Woods upped their target price on First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $17.50.

First Commonwealth Financial Stock Up 2.1 %

FCF stock opened at $16.72 on Monday. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 10.39 and a beta of 0.83. The company has a 50-day moving average of $16.50 and a two-hundred day moving average of $14.50. First Commonwealth Financial Co. has a 52-week low of $11.16 and a 52-week high of $19.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. The firm had revenue of $120.20 million during the quarter, compared to the consensus estimate of $118.34 million. First Commonwealth Financial had a return on equity of 12.14% and a net margin of 23.39%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. As a group, equities research analysts anticipate that First Commonwealth Financial Co. will post 1.44 EPS for the current year.

First Commonwealth Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were paid a $0.13 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.52 annualized dividend and a dividend yield of 3.11%. First Commonwealth Financial’s payout ratio is 32.30%.

First Commonwealth Financial Profile

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.