State of New Jersey Common Pension Fund D Has $2 Million Position in First Commonwealth Financial Co. (NYSE:FCF)

State of New Jersey Common Pension Fund D cut its stake in First Commonwealth Financial Co. (NYSE:FCF) by 32.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,033 shares of the bank’s stock after selling 69,437 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.14% of First Commonwealth Financial worth $2,003,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Texas Permanent School Fund Corp increased its stake in First Commonwealth Financial by 1.0% in the first quarter. Texas Permanent School Fund Corp now owns 89,097 shares of the bank’s stock valued at $1,240,000 after purchasing an additional 887 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of First Commonwealth Financial by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 51,300 shares of the bank’s stock worth $708,000 after purchasing an additional 900 shares in the last quarter. Inspire Investing LLC grew its holdings in shares of First Commonwealth Financial by 4.0% in the 1st quarter. Inspire Investing LLC now owns 25,775 shares of the bank’s stock valued at $359,000 after buying an additional 995 shares during the period. ProShare Advisors LLC increased its position in shares of First Commonwealth Financial by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 20,434 shares of the bank’s stock valued at $284,000 after buying an additional 1,217 shares in the last quarter. Finally, CWM LLC raised its stake in First Commonwealth Financial by 451.1% during the 2nd quarter. CWM LLC now owns 1,995 shares of the bank’s stock worth $28,000 after buying an additional 1,633 shares during the period. 72.58% of the stock is currently owned by institutional investors and hedge funds.

First Commonwealth Financial Stock Down 2.1 %

NYSE:FCF opened at $17.13 on Friday. The company has a market cap of $1.75 billion, a PE ratio of 10.65 and a beta of 0.83. The stock has a 50-day simple moving average of $16.72 and a 200 day simple moving average of $14.59. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. First Commonwealth Financial Co. has a 52-week low of $11.16 and a 52-week high of $19.01.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The company had revenue of $120.20 million during the quarter, compared to analysts’ expectations of $118.34 million. First Commonwealth Financial had a net margin of 23.39% and a return on equity of 12.14%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. On average, sell-side analysts expect that First Commonwealth Financial Co. will post 1.44 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.52 annualized dividend and a yield of 3.04%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

FCF has been the subject of a number of research analyst reports. StockNews.com raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 25th. Janney Montgomery Scott lowered First Commonwealth Financial from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $16.00 to $19.00 in a research report on Monday, July 29th. Piper Sandler increased their target price on First Commonwealth Financial from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Royal Bank of Canada lifted their price target on shares of First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Commonwealth Financial presently has an average rating of “Hold” and an average target price of $17.50.

First Commonwealth Financial 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.