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 lessened its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 9.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 hedge funds and other institutional investors have also bought and sold shares of FCF. PNC Financial Services Group Inc. grew 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 valued at $260,000 after purchasing an additional 918 shares during the period. Cetera Investment Advisers lifted its position in shares of First Commonwealth Financial by 8.0% during 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 last quarter. Federated Hermes Inc. lifted its holdings in First Commonwealth Financial by 1.2% during the 1st quarter. Federated Hermes Inc. now owns 123,753 shares of the bank's stock worth $1,923,000 after purchasing an additional 1,514 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in First Commonwealth Financial by 10.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,680 shares of the bank's stock worth $337,000 after purchasing an additional 2,088 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in First Commonwealth Financial by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,531 shares of the bank's stock worth $973,000 after purchasing an additional 2,168 shares in the last quarter. Institutional investors own 72.58% of the company's stock.

First Commonwealth Financial Stock Up 3.1%

Shares of FCF traded up $0.53 on Thursday, reaching $17.92. The stock had a trading volume of 547,792 shares, compared to its average volume of 457,127. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 13.79 and a beta of 0.85. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day simple moving average of $17.05 and a 200-day simple moving average of $16.09. First Commonwealth Financial Corporation has a 12-month low of $13.54 and a 12-month high of $19.96.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its earnings results on Tuesday, July 29th. The bank reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.04. The company had revenue of $131.33 million during 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 quarter last year, the business posted $0.37 EPS. Sell-side analysts predict that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

First Commonwealth Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $18.90.

Insiders Place Their Bets

In other news, EVP Michael P. Mccuen bought 2,826 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were acquired at an average cost of $17.67 per share, with a total value of $49,935.42. Following the completion of the transaction, the executive vice president owned 59,021 shares of the company's stock, valued at approximately $1,042,901.07. This trade represents a 5.03% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James R. Reske sold 2,190 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $17.74, for a total value 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 disclosure for this sale can be found here. 2.17% of the stock is currently owned by company insiders.

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.