Fmr LLC Raises Stock Holdings in First Commonwealth Financial Co. (NYSE:FCF)

Fmr LLC grew its holdings in First Commonwealth Financial Co. (NYSE:FCF) by 22.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,190 shares of the bank’s stock after buying an additional 4,360 shares during the quarter. Fmr LLC’s holdings in First Commonwealth Financial were worth $415,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake 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 buying an additional 105,116 shares in the last quarter. Royce & Associates LP acquired a new position in shares of First Commonwealth Financial during the third quarter valued at approximately $678,000. Texas Permanent School Fund Corp lifted its position in shares of First Commonwealth Financial by 53.3% in the second quarter. Texas Permanent School Fund Corp now owns 136,563 shares of the bank’s stock valued at $1,886,000 after acquiring an additional 47,466 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of First Commonwealth Financial by 7.2% in the third quarter. Principal Financial Group Inc. now owns 538,964 shares of the bank’s stock worth $9,243,000 after acquiring an additional 36,001 shares during the last quarter. Finally, Hantz Financial Services Inc. purchased a new stake in shares of First Commonwealth Financial during the second quarter worth approximately $693,000. 72.58% of the stock is owned by institutional investors and hedge funds.

First Commonwealth Financial Stock Down 0.5 %

Shares of FCF opened at $16.79 on Friday. The stock has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $16.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.71 billion, a PE ratio of 11.34 and a beta of 0.86. First Commonwealth Financial Co. has a 52-week low of $12.41 and a 52-week high of $19.96.

First Commonwealth Financial (NYSE:FCF) last posted its earnings results 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). The firm had revenue of $121.21 million during the quarter, compared to analyst estimates of $119.47 million. First Commonwealth Financial had a net margin of 21.87% and a return on equity of 11.19%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, equities analysts forecast that First Commonwealth Financial Co. will post 1.4 EPS for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a yield of 3.10%. First Commonwealth Financial’s dividend payout ratio (DPR) is 35.14%.

Analysts Set New Price Targets

A number of research analysts have weighed in on FCF shares. StockNews.com lowered First Commonwealth Financial from a “hold” rating to a “sell” rating in a report on Monday. Piper Sandler reduced their target price on shares of First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Keefe, Bruyette & Woods boosted their price target on shares of First Commonwealth Financial from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.70.

Insider Activity

In other news, EVP Michael P. Mccuen purchased 2,919 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were bought at an average cost of $16.99 per share, for a total transaction of $49,593.81. Following the completion of the purchase, the executive vice president now directly owns 57,623 shares of the company’s stock, valued at approximately $979,014.77. This trade represents a 5.34 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.97% of the company’s stock.

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.