Cubist Systematic Strategies LLC Buys Shares of 30,490 First Commonwealth Financial Corporation $FCF

Key Points

• Cubist Systematic Strategies LLC acquired a **$474,000** position in First Commonwealth Financial Corporation by purchasing **30,490 shares** during the first quarter.
• The bank's latest earnings report showed an **EPS of $0.38**, exceeding the estimate of $0.34, and its quarterly revenue was **$131.33 million**, surpassing expectations.
• First Commonwealth Financial recently declared a quarterly dividend of **$0.135 per share**, translating to an annualized yield of **3.1%** and a payout ratio of **41.54%**.

Cubist Systematic Strategies LLC purchased a new position in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 30,490 shares of the bank's stock, valued at approximately $474,000.

Several other hedge funds have also added to or reduced their stakes in FCF. US Bancorp DE lifted its stake in First Commonwealth Financial by 2,911.4% in 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 last quarter. CWM LLC lifted its stake in First Commonwealth Financial by 73.6% in 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 last quarter. Choreo LLC bought a new stake in First Commonwealth Financial in the first quarter worth $156,000. Cerity Partners LLC bought a new stake in First Commonwealth Financial in the first quarter worth $163,000. Finally, Squarepoint Ops LLC bought a new stake in First Commonwealth Financial in the fourth quarter worth $184,000. 72.58% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Michael P. Mccuen purchased 2,826 shares of First Commonwealth Financial stock in a transaction that occurred on Wednesday, September 3rd. The shares were bought at an average price of $17.67 per share, for a total transaction of $49,935.42. Following the completion of the transaction, the executive vice president directly owned 59,021 shares of the company's stock, valued at $1,042,901.07. This represents a 5.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James R. Reske sold 2,190 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $17.74, for a total transaction of $38,850.60. Following the transaction, the chief financial officer owned 88,056 shares in the company, valued at $1,562,113.44. This represents a 2.43% decrease in their position. The disclosure for this sale can be found here. 2.17% of the stock is owned by insiders.

First Commonwealth Financial Trading Down 1.2%

Shares of NYSE:FCF traded down $0.21 during midday trading on Tuesday, hitting $17.23. 472,483 shares of the stock traded hands, compared to its average volume of 438,599. The stock has a market capitalization of $1.80 billion, a PE ratio of 13.25 and a beta of 0.85. The business's 50 day moving average is $17.03 and its two-hundred day moving average is $16.07. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a one year low of $13.54 and a one year high of $19.96.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The bank reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. The firm had revenue of $131.33 million during the quarter, compared to the consensus estimate of $125.88 million. First Commonwealth Financial had a net margin of 18.94% and a return on equity of 9.71%. During the same period in the prior year, the firm 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 business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.135 per share. The ex-dividend date was Friday, August 8th. This represents a $0.54 annualized dividend and a dividend yield of 3.1%. First Commonwealth Financial's payout ratio is currently 41.54%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of First Commonwealth Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Commonwealth Financial currently has an average rating of "Moderate Buy" and a consensus price target of $18.90.

First Commonwealth Financial Company 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.