Invesco Ltd. Cuts Stock Position in First Commonwealth Financial Corporation $FCF

Key Points

• Invesco Ltd. has reduced its stake in First Commonwealth Financial Corporation by 6.8%, now owning approximately 640,985 shares valued at $9,961,000 after selling 46,656 shares in the first quarter.
• Wall Street analysts maintain a "Moderate Buy" rating for First Commonwealth Financial, with a consensus target price of $18.90, following recent adjustments by brokerages.
• The quarterly dividend of $0.135, representing an annual yield of 3.0%, was paid to investors on August 22nd, following a reported earnings per share of $0.38 for the last quarter, exceeding expectations.

Invesco Ltd. reduced its position in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 640,985 shares of the bank's stock after selling 46,656 shares during the quarter. Invesco Ltd. owned approximately 0.63% of First Commonwealth Financial worth $9,961,000 as of its most recent SEC filing.

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

Insider Activity

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

First Commonwealth Financial Stock Performance

Shares of FCF traded down $0.07 during mid-day trading on Friday, reaching $17.74. 425,486 shares of the company's stock were exchanged, compared to its average volume of 541,763. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $1.85 billion, a PE ratio of 13.65 and a beta of 0.84. The business's fifty day simple moving average is $16.77 and its 200-day simple moving average is $15.97. First Commonwealth Financial Corporation has a 52-week low of $13.54 and a 52-week high of $19.96.

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, topping analysts' consensus estimates of $0.34 by $0.04. The business had revenue of $131.33 million for the quarter, compared to analyst estimates 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 last year, the firm posted $0.37 earnings per share. On average, equities research analysts expect that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.0%. First Commonwealth Financial's dividend payout ratio (DPR) is 41.54%.

Analysts Set New Price Targets

A number of research firms have weighed in on FCF. Wall Street Zen raised shares of First Commonwealth Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods cut their price objective on shares of First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.90.

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.