JPMorgan Chase & Co. Sells 214,927 Shares of First Commonwealth Financial Co. (NYSE:FCF)

JPMorgan Chase & Co. trimmed its holdings in shares of First Commonwealth Financial Co. (NYSE:FCF) by 25.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 632,442 shares of the bank’s stock after selling 214,927 shares during the period. JPMorgan Chase & Co. owned approximately 0.62% of First Commonwealth Financial worth $10,846,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in shares of First Commonwealth Financial by 5.9% during the second quarter. Commonwealth Equity Services LLC now owns 49,508 shares of the bank’s stock valued at $684,000 after buying an additional 2,750 shares during the last quarter. Natixis Advisors LLC bought a new stake in First Commonwealth Financial in the second quarter worth about $207,000. Quest Partners LLC bought a new position in shares of First Commonwealth Financial during the 2nd quarter valued at approximately $34,000. Texas Permanent School Fund Corp raised its holdings in shares of First Commonwealth Financial by 53.3% in the 2nd quarter. Texas Permanent School Fund Corp now owns 136,563 shares of the bank’s stock worth $1,886,000 after purchasing an additional 47,466 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of First Commonwealth Financial by 29.9% during the 2nd quarter. American Century Companies Inc. now owns 1,673,201 shares of the bank’s stock valued at $23,107,000 after buying an additional 384,892 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler cut 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. Keefe, Bruyette & Woods boosted their price objective on First Commonwealth Financial from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, January 1st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.70.

First Commonwealth Financial Stock Down 3.2 %

FCF stock opened at $15.89 on Monday. First Commonwealth Financial Co. has a 1-year low of $12.41 and a 1-year high of $19.96. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 10.74 and a beta of 0.88. 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 company’s 50 day moving average is $17.93 and its 200 day moving average is $16.95.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Tuesday, October 29th. The bank reported $0.31 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 firm had revenue of $121.21 million during the quarter, compared to the consensus estimate of $119.47 million. During the same period in the prior year, the company earned $0.39 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Sell-side analysts predict that First Commonwealth Financial Co. will post 1.4 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared 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. This represents a $0.52 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Friday, November 8th. First Commonwealth Financial’s dividend payout ratio (DPR) 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.