First Commonwealth Financial Corporation $FCF Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America nearly doubled its First Commonwealth Financial stake during the first quarter, increasing holdings by 95.4% to 559,989 shares valued at approximately $9.85 million. Institutional investors collectively own 72.58% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $24.25, above the stock’s reported $21.06 opening price.
• First Commonwealth exceeded quarterly earnings expectations, reporting $0.44 in EPS versus a $0.42 estimate and $139.42 million in revenue. The bank also pays a quarterly dividend of $0.14 per share, representing a 2.7% annualized yield.

Bank of America Corp DE increased its position in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 95.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 559,989 shares of the bank's stock after buying an additional 273,351 shares during the quarter. Bank of America Corp DE owned about 0.55% of First Commonwealth Financial worth $9,845,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of First Commonwealth Financial by 2,250.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank's stock worth $42,000 after acquiring an additional 2,498 shares during the last quarter. Smithfield Trust Co acquired a new stake in First Commonwealth Financial in the 4th quarter valued at approximately $51,000. TD Private Client Wealth LLC increased its holdings in First Commonwealth Financial by 20.7% in the 4th 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 purchased a new stake in First Commonwealth Financial in the third quarter valued at approximately $85,000. Finally, Smartleaf Asset Management LLC raised its position in First Commonwealth Financial by 21.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank's stock valued at $109,000 after purchasing an additional 1,140 shares during the period. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

First Commonwealth Financial Stock Performance

NYSE:FCF opened at $21.06 on Monday. First Commonwealth Financial Corporation has a 12 month low of $15.00 and a 12 month high of $22.34. 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 firm has a market capitalization of $2.13 billion, a PE ratio of 12.92 and a beta of 0.75. The business's fifty day moving average price is $20.79 and its 200 day moving average price is $19.13.

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, beating analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $139.42 million for the quarter, compared to the consensus estimate of $137.48 million. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%. On average, sell-side analysts anticipate that First Commonwealth Financial Corporation will post 1.73 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were given a dividend of $0.14 per share. The ex-dividend date 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 payout ratio is 34.36%.

Insider Activity

In other news, EVP Michael P. Mccuen sold 5,250 shares of First Commonwealth Financial stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total value of $97,545.00. Following the transaction, the executive vice president directly owned 56,861 shares of the company's stock, valued at $1,056,477.38. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James R. Reske sold 2,072 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $21.85, for a total transaction of $45,273.20. Following the completion of the sale, the chief financial officer owned 75,132 shares of the company's stock, valued at approximately $1,641,634.20. This trade represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,466 shares of company stock valued at $224,517 over the last three months. Company insiders own 1.90% of the company's stock.

About First Commonwealth Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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