Arrowstreet Capital Limited Partnership Boosts Stake in First Commonwealth Financial Corporation $FCF

Key Points

• Arrowstreet Capital increased its First Commonwealth Financial stake by 23.8% in the first quarter, adding 54,439 shares to own 283,563 shares valued at approximately $5.0 million. Institutional investors collectively hold 72.58% of the company.
• First Commonwealth reported quarterly earnings of $0.44 per share versus the $0.42 consensus estimate, while revenue of $139.42 million also exceeded expectations. The bank announced a $0.14 quarterly dividend, equivalent to a 2.6% yield.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $24.25 price target; however, company insiders sold 11,466 shares worth $217,617 over the past 90 days.

Arrowstreet Capital Limited Partnership increased its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 23.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 283,563 shares of the bank's stock after acquiring an additional 54,439 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.28% of First Commonwealth Financial worth $4,985,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of First Commonwealth Financial by 2,250.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank's stock worth $42,000 after purchasing an additional 2,498 shares during the last quarter. Smithfield Trust Co purchased a new stake in shares of First Commonwealth Financial in the fourth quarter valued at approximately $51,000. TD Private Client Wealth LLC increased its holdings in shares of First Commonwealth Financial by 20.7% in the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank's stock valued at $61,000 after purchasing an additional 621 shares during the last quarter. iSAM Funds UK Ltd acquired a new stake in shares of First Commonwealth Financial in the third quarter valued at approximately $85,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of First Commonwealth Financial by 21.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank's stock valued at $109,000 after purchasing an additional 1,140 shares during the last quarter. Hedge funds and other institutional investors own 72.58% of the company's stock.

Trending Headlines about First Commonwealth Financial

Here are the key news stories impacting First Commonwealth Financial this week:

• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $24 from $21 while maintaining a “market perform” rating, implying additional upside from recent trading levels. Benzinga analyst price-target report
• Positive Sentiment: Royal Bank of Canada also lifted its target to $24 from $23 and retained an “outperform” rating, reinforcing expectations for further appreciation. Benzinga analyst price-target report
• Positive Sentiment: Zacks upgraded FCF to Rank #2, or “Buy,” citing improving earnings prospects. The upgrade could attract additional near-term investor interest. Zacks Buy upgrade article
• Positive Sentiment: Management expects net interest margin in the low-4% range, reiterated its $74 million–$76 million quarterly expense outlook, and expanded its share-repurchase authorization. Stable operating guidance and buybacks are supportive for earnings per share. First Commonwealth margin, expense and buyback update
• Positive Sentiment: Recent quarterly results exceeded expectations, with earnings of $0.44 per share versus a $0.42 consensus estimate and revenue of $139.42 million versus $137.48 million. The strong report helped FCF reach a new 52-week high. First Commonwealth earnings and 52-week high article
• Neutral Sentiment: First Commonwealth approved updates to its corporate-governance and proxy rules. The changes modernize shareholder and board procedures but are not expected to materially affect near-term financial results. Corporate governance update

Insider Activity

In related news, EVP Michael P. Mccuen sold 5,250 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total transaction of $97,545.00. Following the completion of the transaction, the executive vice president owned 56,861 shares of the company's stock, valued at approximately $1,056,477.38. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.50, for a total transaction of $42,476.00. Following the completion of the sale, the chief financial officer owned 77,204 shares of the company's stock, valued at $1,582,682. This trade represents a 2.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 11,466 shares of company stock valued at $217,617. 1.90% of the stock is currently owned by insiders.

First Commonwealth Financial Price Performance

FCF stock opened at $21.49 on Monday. First Commonwealth Financial Corporation has a 52-week low of $15.00 and a 52-week high of $22.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 13.19 and a beta of 0.75. The business has a fifty day moving average of $20.07 and a two-hundred day moving average of $18.73.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $139.42 million during the quarter, compared to analysts' expectations of $137.48 million. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%. As a group, research analysts anticipate that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 7th. First Commonwealth Financial's dividend payout ratio (DPR) is 34.36%.

Analysts Set New Price Targets

A number of research firms have weighed in on FCF. Royal Bank Of Canada boosted their price objective on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Thursday. Raymond James Financial restated an "outperform" rating and issued a $24.00 target price on shares of First Commonwealth Financial in a report on Friday. Keefe, Bruyette & Woods raised their target price on First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a research note on Friday. Weiss Ratings reiterated a "buy (b)" rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Finally, Piper Sandler reissued an "overweight" rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, First Commonwealth Financial has a consensus rating of "Moderate Buy" and a consensus price target of $24.25.

About First Commonwealth Financial

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.

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