Vanguard Group Inc. Has $192.70 Million Holdings in First Commonwealth Financial Corporation $FCF

Key Points

• Vanguard Group trimmed its stake in First Commonwealth Financial by 0.8% in the fourth quarter, but still held 11.43 million shares worth about $192.7 million, or 11.01% of the company.
• Analysts are mixed on FCF: the stock has a consensus rating of Moderate Buy with a target price of $20.33, while Weiss Ratings reiterated a buy and Keefe, Bruyette & Woods raised its target to $20 but kept a market perform view.
• The bank recently missed earnings estimates with $0.37 EPS versus $0.40 expected, but it also raised its quarterly dividend to $0.14 per share, implying a 3.0% yield.

Vanguard Group Inc. cut its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,429,416 shares of the bank's stock after selling 89,820 shares during the period. Vanguard Group Inc. owned approximately 11.01% of First Commonwealth Financial worth $192,700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCF. Royal Bank of Canada lifted its holdings in First Commonwealth Financial by 12.6% during the first quarter. Royal Bank of Canada now owns 188,826 shares of the bank's stock worth $2,935,000 after acquiring an additional 21,108 shares in the last quarter. AQR Capital Management LLC lifted its holdings in First Commonwealth Financial by 15.0% during the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank's stock worth $3,024,000 after acquiring an additional 25,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in First Commonwealth Financial by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank's stock worth $940,000 after acquiring an additional 2,952 shares in the last quarter. Millennium Management LLC lifted its holdings in First Commonwealth Financial by 700.8% during the first quarter. Millennium Management LLC now owns 384,829 shares of the bank's stock worth $5,980,000 after acquiring an additional 336,775 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Commonwealth Financial by 9.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank's stock worth $3,776,000 after acquiring an additional 21,839 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCF has been the topic of several recent analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their target price on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a "market perform" rating in a report on Thursday, January 29th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $20.33.

Insider Transactions at First Commonwealth Financial

In other news, EVP Norman J. Montgomery sold 12,964 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $18.37, for a total value of $238,148.68. Following the sale, the executive vice president directly owned 50,104 shares in the company, valued at $920,410.48. The trade was a 20.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James R. Reske sold 2,072 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $18.52, for a total value of $38,373.44. Following the completion of the sale, the chief financial officer owned 81,348 shares in the company, valued at approximately $1,506,564.96. This trade represents a 2.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 44,180 shares of company stock worth $808,454. Corporate insiders own 1.90% of the company's stock.

First Commonwealth Financial Stock Performance

Shares of First Commonwealth Financial stock opened at $18.58 on Monday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 12.30 and a beta of 0.75. The stock's 50-day moving average is $17.89 and its 200-day moving average is $17.32. First Commonwealth Financial Corporation has a one year low of $15.00 and a one year high of $19.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). The firm had revenue of $133.70 million during the quarter, compared to the consensus estimate of $134.32 million. First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. Equities analysts predict that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current fiscal year.

First Commonwealth Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from First Commonwealth Financial's previous quarterly dividend of $0.14. The ex-dividend date is Friday, May 8th. First Commonwealth Financial's dividend payout ratio is presently 37.09%.

First Commonwealth Financial Profile

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.

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