Panagora Asset Management Inc. Cuts Stake in First Commonwealth Financial Corporation $FCF

Key Points

• Panagora Asset Management Inc. decreased its stake in First Commonwealth Financial Corporation by 25.5%, selling 42,751 shares during the first quarter, leaving it with 125,020 shares valued at approximately $1.94 million.
• First Commonwealth Financial's stock received a rating upgrade from "sell" to "hold" by Wall Street Zen, contributing to a current consensus rating of "Moderate Buy" with an average target price of $18.90.
• The company recently declared a quarterly dividend of $0.135, yielding about 3.1%, with a dividend payout ratio of 41.54% as of the last update.

Panagora Asset Management Inc. lessened its position in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 25.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 125,020 shares of the bank's stock after selling 42,751 shares during the period. Panagora Asset Management Inc. owned about 0.12% of First Commonwealth Financial worth $1,943,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCF. US Bancorp DE grew its holdings in First Commonwealth Financial by 2,911.4% during the 1st quarter. US Bancorp DE now owns 2,379 shares of the bank's stock worth $37,000 after acquiring an additional 2,300 shares in the last quarter. CWM LLC grew its holdings in First Commonwealth Financial by 73.6% during the 1st quarter. CWM LLC now owns 7,932 shares of the bank's stock worth $123,000 after acquiring an additional 3,362 shares in the last quarter. Choreo LLC acquired a new position in First Commonwealth Financial during the 1st quarter worth approximately $156,000. Cerity Partners LLC acquired a new position in First Commonwealth Financial during the 1st quarter worth approximately $163,000. Finally, Squarepoint Ops LLC acquired a new position in First Commonwealth Financial during the 4th quarter worth approximately $184,000. Institutional investors and hedge funds own 72.58% of the company's stock.

Insider Transactions at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,190 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $16.66, for a total value of $36,485.40. Following the sale, the chief financial officer directly owned 90,246 shares of the company's stock, valued at approximately $1,503,498.36. This represents a 2.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael P. Mccuen acquired 2,826 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average cost of $17.67 per share, for a total transaction of $49,935.42. Following the completion of the purchase, the executive vice president owned 59,021 shares in the company, valued at $1,042,901.07. The trade was a 5.03% increase in their position. The disclosure for this purchase can be found here. 2.17% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

First Commonwealth Financial Stock Performance

First Commonwealth Financial stock traded down $0.14 during trading hours on Friday, reaching $17.89. 480,004 shares of the stock were exchanged, compared to its average volume of 471,162. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.93 and a current ratio of 0.93. First Commonwealth Financial Corporation has a 52-week low of $13.54 and a 52-week high of $19.96. The stock has a market cap of $1.87 billion, a P/E ratio of 13.76 and a beta of 0.85. The firm's 50 day moving average is $16.94 and its 200 day moving average is $16.01.

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

First Commonwealth Financial Announces Dividend

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

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.