LSV Asset Management Sells 33,600 Shares of First Commonwealth Financial Corporation $FCF

LSV Asset Management trimmed its position in First Commonwealth Financial Corporation (NYSE:FCF) by 11.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 253,500 shares of the bank’s stock after selling 33,600 shares during the quarter. LSV Asset Management’s holdings in First Commonwealth Financial were worth $4,322,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its stake in shares of First Commonwealth Financial by 67.6% during the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after buying an additional 1,451,544 shares during the last quarter. Franklin Resources Inc. grew its holdings in First Commonwealth Financial by 22.5% during the 2nd quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank’s stock worth $63,663,000 after acquiring an additional 719,680 shares during the period. Bartlett & CO. Wealth Management LLC raised its position in shares of First Commonwealth Financial by 102.1% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock valued at $13,285,000 after acquiring an additional 393,681 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of First Commonwealth Financial in the 2nd quarter valued at $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 worth $5,980,000 after purchasing an additional 336,775 shares during the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Monday, January 5th. The shares were sold at an average price of $16.74, for a total value of $34,685.28. Following the sale, the chief financial officer directly owned 80,311 shares in the company, valued at approximately $1,344,406.14. The trade was a 2.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jane Grebenc sold 18,598 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $18.85, for a total transaction of $350,572.30. Following the transaction, the executive vice president owned 158,975 shares of the company’s stock, valued at approximately $2,996,678.75. This represents a 10.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,635 shares of company stock valued at $417,719 in the last ninety days. 2.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on FCF. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price target on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, January 29th. DA Davidson cut shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Piper Sandler started coverage on shares of First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 target price on the stock. Finally, Raymond James Financial set a $20.00 price target on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, First Commonwealth Financial has a consensus rating of “Moderate Buy” and an average price target of $19.75.

First Commonwealth Financial Stock Up 0.6%

Shares of FCF stock opened at $18.37 on Monday. First Commonwealth Financial Corporation has a 12-month low of $13.54 and a 12-month high of $19.08. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average of $17.54 and a 200-day moving average of $16.97. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 12.58 and a beta of 0.81.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Tuesday, January 27th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $137.82 million during the quarter, compared to analysts’ expectations of $135.63 million. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The company’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, equities research analysts predict that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial declared that its board has authorized a stock buyback program on Monday, December 1st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 1.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

First Commonwealth Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Friday, February 6th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $0.54 dividend on an annualized basis and a yield of 2.9%. First Commonwealth Financial’s dividend payout ratio is 36.99%.

About First Commonwealth Financial

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.