Geode Capital Management LLC Cuts Stake in First Commonwealth Financial Co. (NYSE:FCF)

Geode Capital Management LLC lessened its stake in First Commonwealth Financial Co. (NYSE:FCF) by 0.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,341,030 shares of the bank’s stock after selling 2,082 shares during the quarter. Geode Capital Management LLC owned approximately 2.29% of First Commonwealth Financial worth $40,157,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC lifted its stake in First Commonwealth Financial by 2,572.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,657 shares of the bank’s stock worth $28,000 after purchasing an additional 1,595 shares in the last quarter. Quest Partners LLC bought a new stake in shares of First Commonwealth Financial in the second quarter worth about $34,000. Innealta Capital LLC purchased a new stake in shares of First Commonwealth Financial in the second quarter worth about $51,000. CWM LLC boosted its stake in First Commonwealth Financial by 92.0% during the third quarter. CWM LLC now owns 3,830 shares of the bank’s stock valued at $66,000 after buying an additional 1,835 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in First Commonwealth Financial during the 3rd quarter valued at approximately $72,000. Institutional investors own 72.58% of the company’s stock.

Wall Street Analyst Weigh In

FCF has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price objective on First Commonwealth Financial from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler decreased their price objective on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Finally, StockNews.com upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.70.

First Commonwealth Financial Stock Up 0.3 %

Shares of NYSE FCF opened at $17.10 on Wednesday. The company has a market cap of $1.74 billion, a P/E ratio of 11.55 and a beta of 0.86. The firm has a 50-day simple moving average of $18.00 and a two-hundred day simple moving average of $16.62. First Commonwealth Financial Co. has a 1 year low of $12.41 and a 1 year high of $19.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92.

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

First Commonwealth Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Friday, November 8th. First Commonwealth Financial’s dividend payout ratio is presently 35.14%.

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.