Bank of New York Mellon Corp Invests $22.03 Million in First Commonwealth Financial Corporation $FCF

Key Points

• Bank of New York Mellon acquired 1.08 million shares of First Commonwealth Financial, valued at approximately $22.03 million, giving it a 1.07% stake. Institutional investors collectively own 72.58% of the bank.
• Analysts maintain a generally positive outlook, with four Buy ratings and three Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $24.25, above its reported $20.85 opening price.
• First Commonwealth exceeded quarterly earnings expectations, reporting $0.44 in EPS versus $0.42 expected and revenue of $139.42 million. It also pays a quarterly dividend of $0.14, representing a 2.7% annualized yield.

Bank of New York Mellon Corp purchased a new stake in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,083,533 shares of the bank's stock, valued at approximately $22,028,000. Bank of New York Mellon Corp owned approximately 1.07% of First Commonwealth Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC increased 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 valued at $42,000 after acquiring an additional 2,498 shares during the last quarter. Smithfield Trust Co acquired a new position in First Commonwealth Financial during the fourth quarter valued at approximately $51,000. TD Private Client Wealth LLC grew its holdings in First Commonwealth Financial by 20.7% during 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 bought a new position in shares of First Commonwealth Financial in the third quarter valued at approximately $85,000. Finally, Smartleaf Asset Management LLC lifted its stake 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 worth $109,000 after buying an additional 1,140 shares during the last quarter. Institutional investors and hedge funds own 72.58% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler reiterated an "overweight" rating and issued a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price target on shares of First Commonwealth Financial in a research report on Friday, July 31st. Keefe, Bruyette & Woods lifted their price target on First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Weiss Ratings restated a "buy (b)" rating on shares of First Commonwealth Financial in a research note on Friday, August 14th. Finally, Royal Bank Of Canada boosted their target price on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, First Commonwealth Financial currently has an average rating of "Moderate Buy" and an average target price of $24.25.

First Commonwealth Financial Stock Performance

Shares of First Commonwealth Financial stock opened at $20.85 on Monday. First Commonwealth Financial Corporation has a 52-week low of $15.00 and a 52-week high of $22.34. The firm has a market capitalization of $2.11 billion, a PE ratio of 12.79 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The company's fifty day moving average price is $20.92 and its two-hundred day moving average price is $19.21.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. On average, analysts expect that First Commonwealth Financial Corporation will post 1.73 EPS for the current year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. First Commonwealth Financial's dividend payout ratio is presently 34.36%.

Insider Activity at First Commonwealth Financial

In other First Commonwealth Financial news, EVP Michael P. Mccuen sold 5,250 shares of the stock in a transaction on Wednesday, June 3rd. The stock was 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 directly owned 56,861 shares in the company, valued at $1,056,477.38. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $21.85, for a total value of $45,273.20. Following the transaction, the chief financial officer directly owned 75,132 shares of the company's stock, valued at approximately $1,641,634.20. The trade was a 2.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,466 shares of company stock valued at $224,517 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

First Commonwealth Financial Company Profile

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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