Charles Schwab Investment Management Inc. boosted its stake in shares of First Commonwealth Financial Co. (NYSE:FCF) by 1.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,676,743 shares of the bank’s stock after purchasing an additional 26,864 shares during the period. Charles Schwab Investment Management Inc.’s holdings in First Commonwealth Financial were worth $18,344,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in FCF. Thrivent Financial for Lutherans grew its position in First Commonwealth Financial by 68.3% during the third quarter. Thrivent Financial for Lutherans now owns 138,206 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 56,065 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in First Commonwealth Financial by 4.9% during the third quarter. UBS Asset Management Americas Inc. now owns 121,383 shares of the bank’s stock valued at $940,000 after purchasing an additional 5,662 shares in the last quarter. Engineers Gate Manager LP grew its position in First Commonwealth Financial by 14.9% during the third quarter. Engineers Gate Manager LP now owns 98,955 shares of the bank’s stock valued at $766,000 after purchasing an additional 12,797 shares in the last quarter. Weld Capital Management LLC purchased a new position in First Commonwealth Financial during the third quarter valued at approximately $225,000. Finally, State of Tennessee Treasury Department grew its position in First Commonwealth Financial by 98.7% during the third quarter. State of Tennessee Treasury Department now owns 101,206 shares of the bank’s stock valued at $783,000 after purchasing an additional 50,278 shares in the last quarter. 66.95% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Matthew C. Tomb sold 2,500 shares of the company’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $14.50, for a total transaction of $36,250.00. Following the completion of the transaction, the executive vice president now directly owns 51,569 shares in the company, valued at approximately $747,750.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Matthew C. Tomb sold 12,500 shares of the company’s stock in a transaction on Monday, February 8th. The shares were sold at an average price of $12.61, for a total transaction of $157,625.00. Over the last quarter, insiders have sold 23,000 shares of company stock valued at $303,395. Corporate insiders own 1.53% of the company’s stock.
Several analysts have commented on FCF shares. Stephens started coverage on shares of First Commonwealth Financial in a research report on Tuesday, March 30th. They issued an “overweight” rating and a $16.50 target price for the company. DA Davidson raised shares of First Commonwealth Financial from a “neutral” rating to a “buy” rating in a research report on Monday, January 11th. Zacks Investment Research raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Tuesday, January 26th. Finally, B. Riley boosted their target price on shares of First Commonwealth Financial from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, January 7th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $11.50.
Shares of First Commonwealth Financial stock opened at $14.41 on Thursday. The firm has a fifty day simple moving average of $14.29 and a 200-day simple moving average of $11.27. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.22. First Commonwealth Financial Co. has a 1-year low of $6.77 and a 1-year high of $15.56. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 18.96 and a beta of 1.13.
First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Monday, January 25th. The bank reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04. First Commonwealth Financial had a net margin of 18.68% and a return on equity of 7.42%. The business had revenue of $94.11 million during the quarter, compared to analysts’ expectations of $92.34 million. During the same period in the previous year, the company earned $0.27 earnings per share. As a group, research analysts predict that First Commonwealth Financial Co. will post 0.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Friday, February 5th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.05%. The ex-dividend date was Thursday, February 4th. First Commonwealth Financial’s payout ratio is currently 40.00%.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation, through its subsidiaries, provides consumer and commercial banking services to individuals, and small and mid-sized businesses 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.
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