Vanguard Group Inc. Reduces Stock Position in First Commonwealth Financial Corporation $FCF

Key Points

• Vanguard Group Inc. reduced its stake in First Commonwealth Financial by 1.1%, holding approximately 11.38% of the company valued at $180 million after selling 128,622 shares.
• First Commonwealth Financial recently reported a Q2 earnings per share of $0.38, surpassing the consensus estimate of $0.34, alongside quarterly revenue of $131.33 million.
• The company declared a quarterly dividend of $0.135 per share, reflecting an annualized yield of 3.2%, with payment scheduled for August 22nd.

Vanguard Group Inc. lowered its position in shares of First Commonwealth Financial Corporation (NYSE:FCF - Free Report) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,583,019 shares of the bank's stock after selling 128,622 shares during the period. Vanguard Group Inc. owned about 11.38% of First Commonwealth Financial worth $180,000,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FCF. First Trust Advisors LP lifted its position in shares of First Commonwealth Financial by 19.9% in the 4th quarter. First Trust Advisors LP now owns 1,268,410 shares of the bank's stock worth $21,461,000 after purchasing an additional 210,876 shares during the period. Northern Trust Corp lifted its position in shares of First Commonwealth Financial by 13.7% in the 4th quarter. Northern Trust Corp now owns 1,483,405 shares of the bank's stock worth $25,099,000 after purchasing an additional 179,250 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of First Commonwealth Financial in the 4th quarter worth about $2,308,000. Raymond James Financial Inc. purchased a new stake in shares of First Commonwealth Financial in the 4th quarter worth about $1,680,000. Finally, Vest Financial LLC purchased a new stake in shares of First Commonwealth Financial in the 1st quarter worth about $1,473,000. Hedge funds and other institutional investors own 72.58% of the company's stock.

First Commonwealth Financial Stock Down 0.6%

Shares of First Commonwealth Financial stock opened at $16.6950 on Wednesday. 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 stock has a market capitalization of $1.75 billion, a PE ratio of 12.84 and a beta of 0.84. First Commonwealth Financial Corporation has a 52-week low of $13.54 and a 52-week high of $19.96. The company has a 50-day simple moving average of $16.45 and a two-hundred day simple moving average of $15.92.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.04. The business had revenue of $131.33 million during the quarter, compared to analysts' expectations 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 period in the previous year, the company earned $0.37 earnings per share. On average, analysts anticipate that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.54 annualized dividend and a yield of 3.2%. First Commonwealth Financial's payout ratio is 41.54%.

Wall Street Analyst Weigh In

FCF has been the subject of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Wall Street Zen raised shares of First Commonwealth Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada lowered their price target on shares of First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, First Commonwealth Financial has an average rating of "Moderate Buy" and a consensus target price of $18.90.

Insider Transactions at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,190 shares of First Commonwealth Financial stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $16.66, for a total value of $36,485.40. Following the completion of the transaction, the chief financial officer directly owned 90,246 shares of the company's stock, valued at approximately $1,503,498.36. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.17% of the company's stock.

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.

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