First Commonwealth Financial Corporation (NYSE:FCF) Position Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 971,288 shares of the bank's stock after selling 40,262 shares during the period. Bank of New York Mellon Corp owned about 0.95% of First Commonwealth Financial worth $15,094,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pictet Asset Management Holding SA raised its position in First Commonwealth Financial by 5.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 13,402 shares of the bank's stock valued at $227,000 after purchasing an additional 705 shares during the period. Sei Investments Co. raised its position in First Commonwealth Financial by 3.9% in the fourth quarter. Sei Investments Co. now owns 23,857 shares of the bank's stock valued at $404,000 after purchasing an additional 895 shares during the period. Bank of Montreal Can raised its position in First Commonwealth Financial by 6.2% in the fourth quarter. Bank of Montreal Can now owns 17,932 shares of the bank's stock valued at $303,000 after purchasing an additional 1,048 shares during the period. Cetera Investment Advisers lifted its stake in First Commonwealth Financial by 8.0% during the 4th quarter. Cetera Investment Advisers now owns 14,154 shares of the bank's stock worth $239,000 after acquiring an additional 1,053 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in First Commonwealth Financial by 6.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 27,458 shares of the bank's stock worth $465,000 after acquiring an additional 1,588 shares in the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Commonwealth Financial

In other news, Director Todd D. Brice purchased 7,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was purchased at an average cost of $16.09 per share, with a total value of $112,630.00. Following the purchase, the director owned 10,500 shares in the company, valued at $168,945. This trade represents a 200.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.17% of the company's stock.

First Commonwealth Financial Stock Up 0.0%

NYSE:FCF traded up $0.01 on Wednesday, reaching $16.80. The stock had a trading volume of 579,387 shares, compared to its average volume of 638,489. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average of $16.14 and a 200 day moving average of $15.92. The stock has a market cap of $1.76 billion, a P/E ratio of 12.53 and a beta of 0.81. First Commonwealth Financial Corporation has a 12-month low of $13.54 and a 12-month high of $19.96.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The bank reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. First Commonwealth Financial had a return on equity of 9.80% and a net margin of 19.68%. The firm had revenue of $118.51 million for the quarter, compared to analysts' expectations of $117.70 million. During the same quarter in the prior year, the firm posted $0.37 earnings per share. First Commonwealth Financial's revenue for the quarter was up 1.5% compared to the same quarter last year. On average, research analysts predict that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Increases Dividend

The firm also recently disclosed 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 yield of 3.22%. This is a positive change from First Commonwealth Financial's previous quarterly dividend of $0.13. The ex-dividend date was Friday, May 9th. First Commonwealth Financial's dividend payout ratio is 40.30%.

Analysts Set New Price Targets

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

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.