Charles Schwab Investment Management Inc. Has $64.64 Million Stock Position in First Commonwealth Financial Corporation (NYSE:FCF)

Key Points

• Charles Schwab Investment Management increased its stake in First Commonwealth Financial Corporation by 5.1%, owning 4.09% of the company, which amounts to approximately $64.64 million.
• In recent analyst updates, Royal Bank of Canada reduced its price target for FCF from $20 to $18, while three analysts have rated the stock as a "Moderate Buy" with a consensus price target of $18.90.
• First Commonwealth Financial declared a quarterly dividend of $0.135 per share, reflecting an annualized dividend yield of 3.2%, with the next payment scheduled for August 22nd.

Charles Schwab Investment Management Inc. grew its position in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 5.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,159,706 shares of the bank's stock after buying an additional 203,052 shares during the period. Charles Schwab Investment Management Inc. owned 4.09% of First Commonwealth Financial worth $64,642,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCF. US Bancorp DE grew its stake in shares of First Commonwealth Financial by 2,911.4% during the first quarter. US Bancorp DE now owns 2,379 shares of the bank's stock worth $37,000 after purchasing an additional 2,300 shares during the period. Sterling Capital Management LLC grew its stake in shares of First Commonwealth Financial by 815.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,187 shares of the bank's stock worth $54,000 after purchasing an additional 2,839 shares during the period. CWM LLC grew its stake in shares of First Commonwealth Financial by 73.6% during the first quarter. CWM LLC now owns 7,932 shares of the bank's stock worth $123,000 after purchasing an additional 3,362 shares during the period. Aquatic Capital Management LLC grew its stake in shares of First Commonwealth Financial by 128.9% during the fourth quarter. Aquatic Capital Management LLC now owns 8,011 shares of the bank's stock worth $136,000 after purchasing an additional 4,511 shares during the period. Finally, Choreo LLC acquired a new stake in shares of First Commonwealth Financial during the first quarter worth $156,000. 72.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCF has been the subject of a number of analyst reports. Royal Bank Of Canada decreased their price objective on First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Wall Street Zen raised First Commonwealth Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.90.

Insider Activity at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,190 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $16.66, for a total value of $36,485.40. Following the sale, the chief financial officer directly owned 90,246 shares in the company, valued at $1,503,498.36. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.17% of the stock is currently owned by company insiders.

First Commonwealth Financial Stock Performance

FCF stock opened at $16.97 on Friday. The business's 50-day moving average price is $16.40 and its two-hundred day moving average price is $15.93. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.17. The firm has a market cap of $1.77 billion, a PE ratio of 13.05 and a beta of 0.84. First Commonwealth Financial Corporation has a 1-year low of $13.54 and a 1-year high of $19.96.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.04. The firm had revenue of $131.33 million for the quarter, compared to analyst estimates of $125.88 million. First Commonwealth Financial had a return on equity of 9.71% and a net margin of 18.94%. During the same period in the previous year, the company posted $0.37 earnings per share. As a group, research analysts forecast that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, August 8th. First Commonwealth Financial's payout ratio is 41.54%.

About First Commonwealth Financial

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.

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