First Commonwealth Financial Corporation $FCF Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in First Commonwealth Financial by 3.6% in Q1, now owning about 1.41% of the bank, valued at $22.23 million.
• First Commonwealth Financial reported $0.38 EPS for Q2, surpassing estimates, with a revenue of $131.33 million compared to a predicted $125.88 million.
• The company declared a quarterly dividend of $0.135 per share, representing a 3.0% yield and a payout ratio of 41.54%.

Northern Trust Corp trimmed its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 3.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,430,628 shares of the bank's stock after selling 52,777 shares during the quarter. Northern Trust Corp owned 1.41% of First Commonwealth Financial worth $22,232,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. increased its position in shares of First Commonwealth Financial by 106.2% during the first quarter. Raymond James Financial Inc. now owns 204,795 shares of the bank's stock valued at $3,183,000 after acquiring an additional 105,478 shares during the last quarter. Boston Partners boosted its position in shares of First Commonwealth Financial by 3.2% during the 1st quarter. Boston Partners now owns 102,270 shares of the bank's stock worth $1,589,000 after purchasing an additional 3,146 shares during the period. Russell Investments Group Ltd. increased its holdings in First Commonwealth Financial by 1.0% in the 1st quarter. Russell Investments Group Ltd. now owns 274,805 shares of the bank's stock valued at $4,270,000 after purchasing an additional 2,811 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in First Commonwealth Financial by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 321,672 shares of the bank's stock valued at $4,999,000 after purchasing an additional 68,913 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in First Commonwealth Financial in the first quarter valued at approximately $5,077,000. Institutional investors and hedge funds own 72.58% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded First Commonwealth Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.90.

First Commonwealth Financial Stock Up 0.7%

FCF stock traded up $0.13 during mid-day trading on Thursday, reaching $17.81. The company had a trading volume of 136,365 shares, compared to its average volume of 682,901. The firm has a fifty day simple moving average of $16.88 and a 200 day simple moving average of $15.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 13.70 and a beta of 0.85. First Commonwealth Financial Corporation has a fifty-two week low of $13.54 and a fifty-two week high of $19.96.

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

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a $0.135 dividend. The ex-dividend date of this dividend 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 is currently 41.54%.

Insider Buying and Selling at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,190 shares of First Commonwealth Financial stock in a transaction 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 completion of the sale, the chief financial officer directly owned 90,246 shares of the company's stock, valued at approximately $1,503,498.36. The trade was a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.