Raymond James Financial Inc. Grows Position in First Commonwealth Financial Corporation $FCF

Raymond James Financial Inc. raised its position in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 106.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 204,795 shares of the bank's stock after buying an additional 105,478 shares during the quarter. Raymond James Financial Inc. owned about 0.20% of First Commonwealth Financial worth $3,183,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. US Bancorp DE lifted its position in shares of First Commonwealth Financial by 2,911.4% during the first quarter. US Bancorp DE now owns 2,379 shares of the bank's stock valued at $37,000 after buying an additional 2,300 shares during the last quarter. CWM LLC lifted its position in shares of First Commonwealth Financial by 73.6% during the first quarter. CWM LLC now owns 7,932 shares of the bank's stock valued at $123,000 after buying an additional 3,362 shares during the last quarter. Choreo LLC purchased a new stake in shares of First Commonwealth Financial during the first quarter valued at about $156,000. Cerity Partners LLC purchased a new stake in shares of First Commonwealth Financial during the first quarter valued at about $163,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of First Commonwealth Financial during the fourth quarter valued at about $184,000. 72.58% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Stock Performance

NYSE:FCF traded down $0.09 during midday trading on Friday, hitting $17.58. The company's stock had a trading volume of 376,441 shares, compared to its average volume of 461,271. First Commonwealth Financial Corporation has a fifty-two week low of $13.54 and a fifty-two week high of $19.96. The firm's 50 day moving average is $17.01 and its 200-day moving average is $16.06. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $1.84 billion, a P/E ratio of 13.52 and a beta of 0.85.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $131.33 million for the quarter, compared to the consensus estimate of $125.88 million. During the same quarter in the prior year, the company earned $0.37 EPS. Equities analysts anticipate that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, August 8th. First Commonwealth Financial's dividend payout ratio is 41.54%.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,190 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $17.74, for a total value of $38,850.60. Following the transaction, the chief financial officer owned 88,056 shares in the company, valued at approximately $1,562,113.44. This represents a 2.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael P. Mccuen purchased 2,826 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average price of $17.67 per share, for a total transaction of $49,935.42. Following the acquisition, the executive vice president owned 59,021 shares in the company, valued at $1,042,901.07. This trade represents 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.

Analysts Set New Price Targets

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 assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.90.

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.