First Commonwealth Financial Corporation (NYSE:FCF) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 66.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,485 shares of the bank's stock after selling 44,699 shares during the quarter. Assenagon Asset Management S.A.'s holdings in First Commonwealth Financial were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pictet Asset Management Holding SA increased its position in First Commonwealth Financial by 5.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 13,402 shares of the bank's stock valued at $227,000 after acquiring an additional 705 shares during the period. Sei Investments Co. increased its position in First Commonwealth Financial by 3.9% in the 4th quarter. Sei Investments Co. now owns 23,857 shares of the bank's stock valued at $404,000 after acquiring an additional 895 shares during the period. Aigen Investment Management LP increased its position in First Commonwealth Financial by 6.0% in the 4th quarter. Aigen Investment Management LP now owns 17,398 shares of the bank's stock valued at $294,000 after acquiring an additional 983 shares during the period. Bank of Montreal Can increased its position in First Commonwealth Financial by 6.2% in the 4th quarter. Bank of Montreal Can now owns 17,932 shares of the bank's stock valued at $303,000 after acquiring an additional 1,048 shares during the period. Finally, Cetera Investment Advisers increased its position 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 acquiring an additional 1,053 shares during the period. 72.58% of the stock is currently owned by institutional investors and hedge funds.

First Commonwealth Financial Stock Performance

Shares of NYSE FCF opened at $15.35 on Friday. The stock has a fifty day moving average price of $15.45 and a two-hundred day moving average price of $16.08. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $1.61 billion, a P/E ratio of 11.46 and a beta of 0.81. First Commonwealth Financial Corporation has a 1 year low of $13.05 and a 1 year high of $19.96.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The bank reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. The firm had revenue of $118.51 million during the quarter, compared to analyst estimates of $117.70 million. First Commonwealth Financial had a return on equity of 9.80% and a net margin of 19.68%. The firm's quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the company posted $0.37 EPS. Research analysts forecast that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.52%. This is a boost from First Commonwealth Financial's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, May 9th. First Commonwealth Financial's payout ratio is presently 40.30%.

Analyst Upgrades and Downgrades

FCF has been the topic of several analyst reports. Royal Bank Of Canada lowered their target price on First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Keefe, Bruyette & Woods decreased their price target on First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen lowered First Commonwealth Financial from a "hold" rating to a "sell" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, First Commonwealth Financial has an average rating of "Hold" and an average target price of $18.92.

Insider Buying and Selling

In related news, Director Todd D. Brice bought 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were acquired at an average cost of $16.09 per share, for a total transaction of $112,630.00. Following the acquisition, the director now directly owns 10,500 shares of the company's stock, valued at $168,945. The trade was a 200.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.17% of the company's stock.

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.

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