Nuveen LLC Buys Shares of 326,706 First Commonwealth Financial Corporation $FCF

Key Points

• Nuveen LLC has acquired a new stake in First Commonwealth Financial Corporation worth approximately $5.08 million, representing about 0.32% of the company as of the latest quarter.
• Several hedge funds, including US Bancorp DE and CWM LLC, significantly increased their positions in First Commonwealth Financial, indicating strong interest among institutional investors.
• The stock recently reported earnings of $0.38 per share, surpassing analyst expectations, while the company also declared a quarterly dividend of $0.135 per share with a yield of 3.0%.

Nuveen LLC purchased a new stake in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 326,706 shares of the bank's stock, valued at approximately $5,077,000. Nuveen LLC owned about 0.32% of First Commonwealth Financial as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in shares of First Commonwealth Financial by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,159,706 shares of the bank's stock worth $64,642,000 after purchasing an additional 203,052 shares in the last quarter. Northern Trust Corp boosted its position in shares of First Commonwealth Financial by 13.7% during the 4th quarter. Northern Trust Corp now owns 1,483,405 shares of the bank's stock worth $25,099,000 after acquiring an additional 179,250 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of First Commonwealth Financial by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 576,222 shares of the bank's stock worth $8,954,000 after acquiring an additional 18,825 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of First Commonwealth Financial by 22.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 221,129 shares of the bank's stock worth $3,742,000 after acquiring an additional 40,881 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of First Commonwealth Financial by 2.4% during the 4th quarter. Barclays PLC now owns 216,965 shares of the bank's stock worth $3,671,000 after acquiring an additional 5,168 shares in the last quarter. Institutional investors and hedge funds own 72.58% of the company's stock.

Insider Transactions at First Commonwealth Financial

In other First Commonwealth Financial 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 value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

First Commonwealth Financial Trading Down 0.4%

Shares of FCF stock traded down $0.07 during trading hours on Friday, hitting $17.74. 425,486 shares of the company's stock traded hands, compared to its average volume of 541,763. The stock's 50 day simple moving average is $16.77 and its 200 day simple moving average is $15.97. The stock has a market cap of $1.85 billion, a PE ratio of 13.65 and a beta of 0.84. First Commonwealth Financial Corporation has a 12 month low of $13.54 and a 12 month high of $19.96. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04. The firm had revenue of $131.33 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $0.37 earnings per share. On average, sell-side analysts anticipate that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.135 dividend. The ex-dividend date was Friday, August 8th. This represents a $0.54 annualized dividend and a yield of 3.0%. First Commonwealth Financial's payout ratio is presently 41.54%.

First Commonwealth Financial 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.