First Commonwealth Financial Co. (NYSE:FCF) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its stake in shares of First Commonwealth Financial Co. (NYSE:FCF) by 3.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 179,334 shares of the bank’s stock after selling 6,027 shares during the period. New York State Teachers Retirement System owned 0.18% of First Commonwealth Financial worth $3,034,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in First Commonwealth Financial by 2.9% in the third 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 during the period. Franklin Resources Inc. increased its holdings in First Commonwealth Financial by 15.3% during the 3rd quarter. Franklin Resources Inc. now owns 3,435,002 shares of the bank’s stock worth $58,601,000 after purchasing an additional 456,119 shares during the period. Principal Financial Group Inc. increased its holdings in 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 during the period. Nordea Investment Management AB increased its holdings in First Commonwealth Financial by 2.9% during the 4th quarter. Nordea Investment Management AB now owns 213,437 shares of the bank’s stock worth $3,611,000 after purchasing an additional 6,091 shares during the period. Finally, Barclays PLC increased its holdings in First Commonwealth Financial by 121.8% during the 3rd quarter. Barclays PLC now owns 211,797 shares of the bank’s stock worth $3,631,000 after purchasing an additional 116,295 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

FCF has been the topic of several recent research reports. DA Davidson restated a “buy” rating and set a $21.00 price target on shares of First Commonwealth Financial in a report on Thursday, January 30th. Stephens reaffirmed an “overweight” rating and set a $21.50 price objective on shares of First Commonwealth Financial in a research report on Wednesday, January 29th. StockNews.com raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 target price on shares of First Commonwealth Financial in a research report on Thursday, January 30th. Finally, Piper Sandler decreased their target price on 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. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $19.58.

First Commonwealth Financial Stock Performance

Shares of FCF stock opened at $16.10 on Friday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 11.58 and a beta of 0.87. The stock has a 50 day simple moving average of $16.70 and a 200-day simple moving average of $17.09. First Commonwealth Financial Co. has a 12-month low of $12.41 and a 12-month high of $19.96. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.19.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). First Commonwealth Financial had a net margin of 20.38% and a return on equity of 10.36%. On average, equities analysts forecast that First Commonwealth Financial Co. will post 1.45 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Friday, February 7th. First Commonwealth Financial’s payout ratio is currently 37.41%.

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.