Cubist Systematic Strategies LLC Purchases New Stake in 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 stake in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 30,490 shares of the bank's stock, valued at approximately $474,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in First Commonwealth Financial by 5.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,715 shares of the bank's stock valued at $260,000 after buying an additional 918 shares during the period. Cetera Investment Advisers grew its holdings in First Commonwealth Financial by 8.0% in the 4th quarter. Cetera Investment Advisers now owns 14,154 shares of the bank's stock valued at $239,000 after buying an additional 1,053 shares during the period. Federated Hermes Inc. grew its holdings in First Commonwealth Financial by 1.2% in the 1st quarter. Federated Hermes Inc. now owns 123,753 shares of the bank's stock valued at $1,923,000 after buying an additional 1,514 shares during the period. 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 valued at $337,000 after buying an additional 2,088 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Commonwealth Financial by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,531 shares of the bank's stock worth $973,000 after purchasing an additional 2,168 shares during the period. Hedge funds and other institutional investors own 72.58% of the company's stock.

First Commonwealth Financial Stock Down 0.5%

NYSE FCF traded down $0.09 on Friday, reaching $17.58. The company had a trading volume of 376,441 shares, compared to its average volume of 461,271. The firm has a 50-day moving average of $17.01 and a 200-day moving average of $16.06. First Commonwealth Financial Corporation has a 1 year low of $13.54 and a 1 year high of $19.96. The firm has a market capitalization of $1.84 billion, a PE ratio of 13.52 and a beta of 0.85. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.93.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its 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 company had revenue of $131.33 million for the quarter, compared to analyst estimates of $125.88 million. During the same period in the prior year, the company posted $0.37 EPS. On average, equities research analysts anticipate that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, August 8th. First Commonwealth Financial's dividend payout ratio is presently 41.54%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.90.

Insider Buying and Selling

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

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.