Walleye Capital LLC Sells 8,008 Shares of First Commonwealth Financial Co. (NYSE:FCF)

Walleye Capital LLC cut its holdings in First Commonwealth Financial Co. (NYSE:FCF) by 36.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,053 shares of the bank’s stock after selling 8,008 shares during the period. Walleye Capital LLC’s holdings in First Commonwealth Financial were worth $241,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of First Commonwealth Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,987,929 shares of the bank’s stock valued at $96,503,000 after buying an additional 233,955 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in First Commonwealth Financial by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,782,837 shares of the bank’s stock valued at $64,876,000 after acquiring an additional 105,116 shares in the last quarter. American Century Companies Inc. raised its holdings in First Commonwealth Financial by 29.9% in the 2nd quarter. American Century Companies Inc. now owns 1,673,201 shares of the bank’s stock valued at $23,107,000 after acquiring an additional 384,892 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of First Commonwealth Financial by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,209,436 shares of the bank’s stock worth $16,702,000 after acquiring an additional 33,759 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of First Commonwealth Financial by 7.2% during the 3rd quarter. Principal Financial Group Inc. now owns 538,964 shares of the bank’s stock worth $9,243,000 after purchasing an additional 36,001 shares in the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

First Commonwealth Financial Price Performance

NYSE:FCF opened at $18.37 on Wednesday. First Commonwealth Financial Co. has a 1-year low of $12.41 and a 1-year high of $19.96. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.87 billion, a PE ratio of 12.41 and a beta of 0.86. The firm has a fifty day simple moving average of $17.79 and a 200 day simple moving average of $16.32.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, October 29th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The business had revenue of $121.21 million during the quarter, compared to analyst estimates of $119.47 million. During the same quarter last year, the firm earned $0.39 EPS. First Commonwealth Financial’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, research analysts expect that First Commonwealth Financial Co. will post 1.4 EPS for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Friday, November 8th. First Commonwealth Financial’s payout ratio is 35.14%.

Insider Buying and Selling

In other news, EVP Michael P. Mccuen bought 2,919 shares of First Commonwealth Financial stock in a transaction dated Monday, September 23rd. The stock was bought at an average cost of $16.99 per share, for a total transaction of $49,593.81. Following the purchase, the executive vice president now directly owns 57,623 shares in the company, valued at approximately $979,014.77. This represents a 5.34 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.97% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCF. Piper Sandler cut their price target on shares of First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. StockNews.com upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, November 27th. Finally, Keefe, Bruyette & Woods upped their price target on First Commonwealth Financial from $18.00 to $20.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Commonwealth Financial has a consensus rating of “Hold” and an average price target of $17.70.

First Commonwealth Financial Company 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.