Bank of America Corp DE Trims Holdings in First Commonwealth Financial Co. (NYSE:FCF)

Bank of America Corp DE lessened its stake in First Commonwealth Financial Co. (NYSE:FCF - Free Report) by 32.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 212,657 shares of the bank's stock after selling 102,533 shares during the quarter. Bank of America Corp DE owned 0.21% of First Commonwealth Financial worth $3,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in First Commonwealth Financial by 46.6% in the fourth quarter. JPMorgan Chase & Co. now owns 927,453 shares of the bank's stock worth $15,693,000 after buying an additional 295,011 shares during the last quarter. Norges Bank bought a new stake in shares of First Commonwealth Financial during the fourth quarter valued at approximately $4,536,000. First Trust Advisors LP raised its holdings in First Commonwealth Financial by 19.9% in the 4th quarter. First Trust Advisors LP now owns 1,268,410 shares of the bank's stock worth $21,461,000 after acquiring an additional 210,876 shares during the last quarter. Northern Trust Corp lifted its position in First Commonwealth Financial by 13.7% in the 4th quarter. Northern Trust Corp now owns 1,483,405 shares of the bank's stock valued at $25,099,000 after acquiring an additional 179,250 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in First Commonwealth Financial by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,956,654 shares of the bank's stock valued at $66,947,000 after acquiring an additional 173,817 shares in the last quarter. Institutional investors own 72.58% of the company's stock.

Insider Buying and Selling

In related news, Director Todd D. Brice bought 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were bought at an average cost of $16.09 per share, with a total value of $112,630.00. Following the acquisition, the director now owns 10,500 shares in the company, valued at $168,945. This trade represents a 200.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.17% of the stock is currently owned by insiders.

First Commonwealth Financial Stock Performance

Shares of FCF stock traded down $0.22 on Wednesday, reaching $15.45. The stock had a trading volume of 395,734 shares, compared to its average volume of 630,303. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.92 and a current ratio of 0.93. First Commonwealth Financial Co. has a 1 year low of $12.71 and a 1 year high of $19.96. The stock has a market cap of $1.62 billion, a P/E ratio of 11.12 and a beta of 0.77. The company has a 50 day simple moving average of $15.25 and a 200 day simple moving average of $16.33.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its earnings results on Tuesday, April 29th. The bank reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $118.51 million for the quarter, compared to analysts' expectations of $117.70 million. First Commonwealth Financial had a return on equity of 10.36% and a net margin of 20.38%. The business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. Equities research analysts expect that First Commonwealth Financial Co. will post 1.45 EPS for the current year.

First Commonwealth Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a $0.135 dividend. This is an increase from First Commonwealth Financial's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.50%. First Commonwealth Financial's dividend payout ratio (DPR) is presently 40.30%.

Analyst Ratings Changes

FCF has been the subject of several recent analyst reports. Wall Street Zen cut First Commonwealth Financial from a "hold" rating to a "sell" rating in a research note on Wednesday, May 7th. Royal Bank of Canada reduced their price objective on First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Finally, Keefe, Bruyette & Woods decreased their target price on First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $18.92.

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.