First Commonwealth Financial Corporation $FCF Shares Bought by Charles Schwab Investment Management Inc.

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. lifted its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,159,706 shares of the bank's stock after purchasing an additional 203,052 shares during the quarter. Charles Schwab Investment Management Inc. owned about 4.09% of First Commonwealth Financial worth $64,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in First Commonwealth Financial by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 576,222 shares of the bank's stock worth $8,954,000 after buying an additional 18,825 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in First Commonwealth Financial by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,687 shares of the bank's stock worth $1,281,000 after buying an additional 8,828 shares in the last quarter. SG Americas Securities LLC bought a new position in First Commonwealth Financial in the 1st quarter worth approximately $484,000. Wealth Enhancement Advisory Services LLC grew its holdings in First Commonwealth Financial by 10.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,680 shares of the bank's stock worth $337,000 after buying an additional 2,088 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in First Commonwealth Financial by 1,385.9% in the 1st quarter. GAMMA Investing LLC now owns 32,898 shares of the bank's stock worth $511,000 after buying an additional 30,684 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,190 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $16.66, for a total transaction of $36,485.40. Following the completion of the sale, the chief financial officer owned 90,246 shares in the company, valued at approximately $1,503,498.36. This represents a 2.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FCF shares. 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 report on Thursday, May 1st. 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 report on Friday, May 2nd. Finally, Wall Street Zen raised First Commonwealth Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.90.

First Commonwealth Financial Price Performance

NYSE FCF traded up $0.0260 on Tuesday, reaching $16.8160. 53,237 shares of the stock traded hands, compared to its average volume of 698,713. The firm's fifty day simple moving average is $16.44 and its 200 day simple moving average is $15.92. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 12.94 and a beta of 0.84. First Commonwealth Financial Corporation has a 12 month low of $13.54 and a 12 month high of $19.96.

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

First Commonwealth Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.135 per share. 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 dividend payout ratio is 41.54%.

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.