According to the latest disclosure filed with the Securities and Exchange Commission, the fund increased its holdings of the bank's stock by 6.9% in the fourth quarter. The fund now owns 882,871 of the bank stock, after buying an additional 56 601 shares in the last quarter. First Commonwealth Financial makes up 4.6% of First Commonwealth Financial Corp PA’s portfolio and is the third largest stock. First Commonwealth Financial Corp PA held 0.95% in First Commonwealth Financial, worth approximately $12,334,000 at the time of its latest filing with Securities and Exchange Commission.
Hedge funds and other institutional investors have also increased or decreased their stakes recently. Thrivent Financial for Lutherans increased its stake in First Commonwealth Financial shares by 9.0% during 3rd Quarter. Thrivent Financial for Lutherans owns 915.321 shares worth $11,752,000, after acquiring 75,407 additional shares in the last quarter. Victory Capital Management Inc. increased its stake in First Commonwealth Financial shares by 730.3% over the 4th Quarter. Victory Capital Management Inc. owns now 357,477 of the bank stock, worth $5,258,000, after purchasing an additional 314,425 during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in First Commonwealth Financial shares by 3.6% during 4th quarter. Mirae Asset Global Investments Co. Ltd. owns now 40,160 shares worth $561,000 of the bank stock after purchasing an additional 1,404 during the last quarter. ProShare Advisors LLC increased its stake in First Commonwealth Financial shares by 14.8% in the fourth quarter. ProShare Advisors LLC owns 14,740 of the bank stock, worth $206,000. This is after purchasing 1,901 additional shares in the last quarter. First Trust Advisors LP increased its stake in First Commonwealth Financial shares by 3.5% over the fourth quarter. First Trust Advisors LP owns now 349,047 of the bank stock, worth $4,877,000, after acquiring 11,933 additional shares during the previous quarter. Ray T. Charley, a director at First Commonwealth Financial, purchased 3,900 First Commonwealth Financial shares in a deal on Friday, 17th March. The shares were purchased at an average price of $12.85 for each share. This totaled $50,115.00. After the acquisition, the Director now owns approximately $4,177.200.90 worth of 325,074 company shares. Insiders own 1.85% of shares.
First Commonwealth Financial Price Performance
During trading hours, the stock fell $0.32 to $13.87. The stock changed hands 676,912 times, as compared to the average volume of its 750,487 shares. The company's current ratio is 0.94, its quick ratio is 0.94, and it has a debt to equity ratio of 0.15%. First Commonwealth Financial Co.'s 52-week low is $11.32 while its 52-week highest is $16.53. The 50-day moving-average price of the company is $12.44, and its 200-day moving-average price is $13.66. The company's market cap is $1.43 billion. It has a P/E of 10.12, and a beta value of 0.95.
The last time the company announced its quarterly results was on Tuesday, 25th April. The bank posted $0.45 in earnings per share for the quarter. This was $0.08 higher than analysts' expectations of $0.37. Revenue for the quarter was $117.60 millions, which is lower than the consensus estimate (123.86 millions). First Commonwealth Financial's net margin was 27.75%, and its return on equity was 13.53%. First Commonwealth Financial increased its revenue by 27.3% over the same period last year. In the same quarter last year, First Commonwealth Financial posted $0.29 in earnings per share. Analysts expect First Commonwealth Financial Co. to post an average of 1.68 earnings per common share in the current year.
First Commonwealth Financial increases dividend
A quarterly dividend was also declared by the business and paid out on Friday, 19th May. The $0.125 dividend was paid to shareholders who were registered on Friday, 5th May. First Commonwealth Financial increased its previous quarterly dividend from $0.12 to $0.125. On an annualized base, this represents a $0.50 yield and a dividend of $0.50. The ex-dividend day was Thursday, 5th May. First Commonwealth Financial has a payout ratio of 36.50 percent.
Wall Street analysts weigh in
Recently, several brokerages have weighed in about FCF. In a research report published on Thursday 18th May, First Commonwealth Financial shares were covered. The stock was given a rating of'sell'. In a research report published on Friday, 19th May, Stephens upgraded the shares of First Commonwealth Financial to an "overweight" rating. They also set a target price of $14.00 for the stock. Three analysts have given the stock a buy recommendation, while one analyst has assigned the company a hold rating. According to MarketBeat.com the stock currently has an average rating 'Hold,' with a consensus target price of $15.60.
First Commonwealth Financial Company profile
First Commonwealth Financial Corp., a holding firm, provides consumer and business banking services. The company also provides trust and wealth-management services, and offers insurance. The company was established on November 15, 1982, and has its headquarters in Indiana PA.
MarketBeat.com offers a FREE daily email newsletter