First Commonwealth Financial Co. (NYSE:FCF) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lowered its position in shares of First Commonwealth Financial Co. (NYSE:FCF) by 31.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,184 shares of the bank’s stock after selling 31,533 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of First Commonwealth Financial worth $1,137,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FCF. Charles Schwab Investment Management Inc. lifted 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 purchasing an additional 105,116 shares in the last quarter. Barclays PLC raised its position in shares of First Commonwealth Financial by 121.8% in the third quarter. Barclays PLC now owns 211,797 shares of the bank’s stock valued at $3,631,000 after buying an additional 116,295 shares during the last quarter. Royce & Associates LP purchased a new position in shares of First Commonwealth Financial in the third quarter worth about $678,000. BNP Paribas Financial Markets boosted its position in First Commonwealth Financial by 64.2% during the third quarter. BNP Paribas Financial Markets now owns 34,892 shares of the bank’s stock worth $598,000 after acquiring an additional 13,643 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in First Commonwealth Financial by 7.2% in the 3rd quarter. Principal Financial Group Inc. now owns 538,964 shares of the bank’s stock valued at $9,243,000 after acquiring an additional 36,001 shares during the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

Shares of First Commonwealth Financial stock opened at $16.48 on Friday. The firm has a market cap of $1.68 billion, a PE ratio of 11.14 and a beta of 0.88. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. First Commonwealth Financial Co. has a 52 week low of $12.41 and a 52 week high of $19.96. The business’s fifty day simple moving average is $17.55 and its 200-day simple moving average is $17.09.

First Commonwealth Financial (NYSE:FCF) last announced 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 company had revenue of $121.21 million for the quarter, compared to analysts’ expectations of $119.47 million. First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. Equities analysts forecast that First Commonwealth Financial Co. will post 1.4 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were given a dividend of $0.13 per share. The ex-dividend date was Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 3.15%. First Commonwealth Financial’s dividend payout ratio is currently 35.14%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price 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. StockNews.com raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, January 1st. Finally, Piper Sandler cut their target price on 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. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, First Commonwealth Financial has an average rating of “Hold” and a consensus target price of $17.70.

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.