Waldron Private Wealth LLC Sells 53,403 Shares of First Commonwealth Financial Corporation $FCF

Waldron Private Wealth LLC cut its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF) by 4.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,151,545 shares of the bank’s stock after selling 53,403 shares during the period. First Commonwealth Financial comprises approximately 0.8% of Waldron Private Wealth LLC’s investment portfolio, making the stock its 27th largest holding. Waldron Private Wealth LLC owned 1.11% of First Commonwealth Financial worth $19,415,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FCF. First Trust Advisors LP boosted its holdings in 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 purchasing an additional 1,451,544 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of First Commonwealth Financial by 17.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 760,796 shares of the bank’s stock worth $12,972,000 after buying an additional 111,586 shares in the last quarter. Wakefield Asset Management LLLP bought a new position in shares of First Commonwealth Financial during the 3rd quarter worth approximately $1,160,000. Edgestream Partners L.P. purchased a new position in shares of First Commonwealth Financial in the 2nd quarter worth approximately $5,633,000. Finally, Bartlett & CO. Wealth Management LLC grew its holdings in shares of First Commonwealth Financial by 102.1% in the third 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 in the last quarter. Institutional investors own 72.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price target 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Piper Sandler assumed coverage on First Commonwealth Financial in a research note on Wednesday, December 17th. They set 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 report on Wednesday, January 7th. Four 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, First Commonwealth Financial has a consensus rating of “Moderate Buy” and a consensus target price of $19.75.

Insider Transactions at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $17.58, for a total value of $36,425.76. Following the completion of the transaction, the chief financial officer owned 85,492 shares in the company, valued at $1,502,949.36. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jane Grebenc sold 18,598 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the sale, the executive vice president owned 158,975 shares in the company, valued at $2,996,678.75. The trade was a 10.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,742 shares of company stock valued at $421,683 in the last quarter. Company insiders own 2.17% of the company’s stock.

First Commonwealth Financial Trading Down 1.2%

NYSE:FCF opened at $17.24 on Friday. First Commonwealth Financial Corporation has a 12 month low of $13.54 and a 12 month high of $19.08. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. The firm’s 50 day moving average is $17.73 and its 200 day moving average is $17.04. The stock has a market capitalization of $1.76 billion, a PE ratio of 11.81 and a beta of 0.79.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The business had revenue of $137.82 million during the quarter, compared to the consensus estimate of $135.63 million. During the same period last year, the business posted $0.35 earnings per share. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. Sell-side analysts expect that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, February 6th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $0.54 annualized dividend and a yield of 3.1%. First Commonwealth Financial’s dividend payout ratio is 36.99%.

First Commonwealth Financial declared that its Board of Directors has authorized a stock buyback plan on Monday, December 1st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.