Rhumbline Advisers Sells 30,874 Shares of First Commonwealth Financial Corporation $FCF

Key Points

• Rhumbline Advisers has decreased its stake in First Commonwealth Financial Corporation by 9.3%, selling 30,874 shares, and now owns 302,041 shares valued at approximately $4.69 million.
• In Q1, several institutional investors, including Millennium Management LLC and Charles Schwab Investment Management Inc., significantly increased their positions in First Commonwealth Financial, indicating growing interest in the stock.
• The company recently announced a quarterly dividend of $0.135 per share, resulting in an annualized dividend yield of 3.1%, with a payout ratio of 41.54%.

Rhumbline Advisers reduced its position in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 9.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 302,041 shares of the bank's stock after selling 30,874 shares during the quarter. Rhumbline Advisers owned 0.29% of First Commonwealth Financial worth $4,694,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FCF. Millennium Management LLC grew its stake in shares of First Commonwealth Financial by 700.8% during the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank's stock valued at $5,980,000 after purchasing an additional 336,775 shares during the period. Nuveen LLC purchased a new position in shares of First Commonwealth Financial during the 1st quarter valued at about $5,077,000. Charles Schwab Investment Management Inc. lifted 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 valued at $64,642,000 after buying an additional 203,052 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of First Commonwealth Financial by 106.2% during the 1st quarter. Raymond James Financial Inc. now owns 204,795 shares of the bank's stock valued at $3,183,000 after buying an additional 105,478 shares in the last quarter. Finally, Vest Financial LLC purchased a new position in shares of First Commonwealth Financial during the 1st quarter valued at about $1,473,000. 72.58% of the stock is currently owned by institutional investors.

Insider Activity at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,190 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 88,056 shares of the company's stock, valued at $1,562,113.44. This represents a 2.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael P. Mccuen acquired 2,826 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $17.67 per share, for a total transaction of $49,935.42. Following the completion of the acquisition, the executive vice president directly owned 59,021 shares in the company, valued at approximately $1,042,901.07. This represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Wall Street Zen raised First Commonwealth Financial from a "sell" rating to a "hold" rating in a research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.90.

First Commonwealth Financial Stock Down 0.5%

NYSE FCF opened at $17.58 on Friday. The stock's 50 day moving average is $17.01 and its 200 day moving average is $16.06. 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 12 month low of $13.54 and a 12 month high of $19.96. The stock has a market cap of $1.84 billion, a PE ratio of 13.52 and a beta of 0.85.

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

First Commonwealth Financial Announces Dividend

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

First Commonwealth Financial Company 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.

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