James Reske Sells 2,190 Shares of First Commonwealth Financial (NYSE:FCF) Stock

Key Points

• CFO James Reske of First Commonwealth Financial sold 2,190 shares at an average price of $17.74, reducing his ownership by 2.43% to 88,056 shares.
• The company's stock price decreased by 1.7% to $17.46, with a market capitalization of $1.83 billion and a PE ratio of 13.43.
• First Commonwealth recently announced a quarterly dividend of $0.135, providing an annualized yield of 3.1%, with a payout ratio of 41.54%.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 2,190 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $17.74, for a total transaction of $38,850.60. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Commonwealth Financial Stock Down 1.7%

Shares of NYSE FCF traded down $0.30 during mid-day trading on Tuesday, hitting $17.46. The company had a trading volume of 456,594 shares, compared to its average volume of 682,407. The company has a market capitalization of $1.83 billion, a PE ratio of 13.43 and a beta of 0.85. The business's 50-day simple moving average is $16.97 and its 200 day simple moving average is $16.02. First Commonwealth Financial Corporation has a 1-year low of $13.54 and a 1-year high of $19.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.93.

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

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given 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 3.1%. First Commonwealth Financial's dividend payout ratio is currently 41.54%.

Analysts Set New Price Targets

Separately, 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. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, First Commonwealth Financial presently has an average rating of "Moderate Buy" and an average target price of $18.90.

Institutional Investors Weigh In On First Commonwealth Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP lifted its position in First Commonwealth Financial by 67.6% in the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank's stock valued at $58,394,000 after acquiring an additional 1,451,544 shares during the last quarter. Franklin Resources Inc. increased its position in shares of First Commonwealth Financial by 22.5% during the second quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank's stock worth $63,663,000 after purchasing an additional 719,680 shares in the last quarter. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at about $6,257,000. Edgestream Partners L.P. purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at about $5,633,000. Finally, Millennium Management LLC boosted its position in shares of First Commonwealth Financial by 700.8% in 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. 72.58% of the stock is currently owned by institutional investors and hedge funds.

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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