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

Raymond James Financial Inc. boosted its holdings in First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 106.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 204,795 shares of the bank's stock after purchasing an additional 105,478 shares during the quarter. Raymond James Financial Inc. owned 0.20% of First Commonwealth Financial worth $3,183,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in First Commonwealth Financial by 5.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,715 shares of the bank's stock worth $260,000 after purchasing an additional 918 shares in the last quarter. Cetera Investment Advisers increased its holdings in First Commonwealth Financial by 8.0% in the 4th quarter. Cetera Investment Advisers now owns 14,154 shares of the bank's stock valued at $239,000 after buying an additional 1,053 shares during the period. Federated Hermes Inc. increased its holdings in First Commonwealth Financial by 1.2% in the 1st quarter. Federated Hermes Inc. now owns 123,753 shares of the bank's stock valued at $1,923,000 after buying an additional 1,514 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in First Commonwealth Financial by 10.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,680 shares of the bank's stock valued at $337,000 after buying an additional 2,088 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in First Commonwealth Financial by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,531 shares of the bank's stock valued at $973,000 after buying an additional 2,168 shares during the period. Institutional investors and hedge funds own 72.58% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of First Commonwealth Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Three investment 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.90.

Insiders Place Their Bets

In other First Commonwealth Financial news, EVP Michael P. Mccuen purchased 2,826 shares of the firm's stock in a transaction 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 purchase, the executive vice president owned 59,021 shares of the company's stock, valued at $1,042,901.07. This trade represents a 5.03% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James R. Reske sold 2,190 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $17.74, for a total transaction of $38,850.60. Following the completion of the sale, the chief financial officer owned 88,056 shares of the company's stock, valued at approximately $1,562,113.44. The trade was a 2.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.17% of the company's stock.

First Commonwealth Financial Trading Up 0.3%

NYSE:FCF traded up $0.06 during mid-day trading on Thursday, hitting $17.62. 131,856 shares of the company's stock were exchanged, compared to its average volume of 677,489. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a fifty-two week low of $13.54 and a fifty-two week high of $19.96. The company has a 50 day simple moving average of $17.00 and a 200-day simple moving average of $16.04. The firm has a market capitalization of $1.84 billion, a P/E ratio of 13.55 and a beta of 0.85.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.04. The company had revenue of $131.33 million for 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 in the previous year, the company earned $0.37 EPS. As a group, research analysts expect that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

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