LSV Asset Management Sells 80,500 Shares of First Commonwealth Financial Corporation $FCF

Key Points

• LSV Asset Management reduced its stake in First Commonwealth Financial by 31.8% in the fourth quarter, selling 80,500 shares and leaving it with 173,000 shares worth about $2.9 million.
• Several institutional investors and insiders also made moves in FCF, including CFO James R. Reske and EVP Norman J. Montgomery selling shares; insiders sold 44,180 shares in the last quarter overall.
• First Commonwealth Financial reported mixed quarterly results, missing EPS estimates but posting year-over-year revenue growth of 12.9%, while analysts currently rate the stock a Moderate Buy with a $20.33 price target and the company recently maintained a 3.0% dividend yield.

LSV Asset Management cut its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 31.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,000 shares of the bank's stock after selling 80,500 shares during the quarter. LSV Asset Management owned approximately 0.17% of First Commonwealth Financial worth $2,917,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCF. Royal Bank of Canada lifted its position in First Commonwealth Financial by 12.6% during the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank's stock worth $2,935,000 after buying an additional 21,108 shares in the last quarter. AQR Capital Management LLC lifted its position in First Commonwealth Financial by 15.0% during the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank's stock worth $3,024,000 after buying an additional 25,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Commonwealth Financial by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank's stock worth $940,000 after buying an additional 2,952 shares in the last quarter. Millennium Management LLC lifted its position in First Commonwealth Financial by 700.8% during the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank's stock worth $5,980,000 after buying an additional 336,775 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Commonwealth Financial by 9.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank's stock worth $3,776,000 after buying an additional 21,839 shares in the last quarter. 72.58% of the stock is owned by institutional investors.

Insider Transactions at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $18.52, for a total value of $38,373.44. Following the transaction, the chief financial officer owned 81,348 shares in the company, valued at approximately $1,506,564.96. This represents a 2.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Norman J. Montgomery sold 25,000 shares of the company's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $18.34, for a total transaction of $458,500.00. Following the completion of the transaction, the executive vice president owned 63,068 shares in the company, valued at approximately $1,156,667.12. This trade represents a 28.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 44,180 shares of company stock worth $808,454. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

FCF has been the topic of several recent analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of First Commonwealth Financial in a research note on Tuesday, May 19th. Keefe, Bruyette & Woods boosted their price objective on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the stock a "market perform" rating in a research note on Thursday, January 29th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.33.

First Commonwealth Financial Stock Up 1.3%

Shares of FCF opened at $18.84 on Wednesday. First Commonwealth Financial Corporation has a 52 week low of $15.00 and a 52 week high of $19.14. The firm has a market cap of $1.92 billion, a P/E ratio of 12.48 and a beta of 0.75. The firm's 50-day simple moving average is $18.16 and its 200 day simple moving average is $17.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. The company had revenue of $133.70 million during the quarter, compared to analyst estimates of $134.32 million. During the same quarter last year, the company posted $0.32 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, analysts forecast that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current year.

First Commonwealth Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.14 dividend. This is an increase from First Commonwealth Financial's previous quarterly dividend of $0.14. The ex-dividend date was Friday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 3.0%. First Commonwealth Financial's dividend payout ratio (DPR) is currently 37.09%.

First Commonwealth Financial Profile

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.

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