Bank of America Corp DE lowered its stake in First Commonwealth Financial (NYSE:FCF) by 9.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 136,437 shares of the bank’s stock after selling 13,904 shares during the period. Bank of America Corp DE owned 0.14% of First Commonwealth Financial worth $2,117,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of FCF. Willingdon Wealth Management purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter worth approximately $104,000. Bank of Montreal Can purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter worth approximately $188,000. Fox Run Management L.L.C. purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter worth approximately $201,000. Jane Street Group LLC purchased a new stake in shares of First Commonwealth Financial in the 1st quarter worth approximately $208,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter worth approximately $329,000. Institutional investors own 68.68% of the company’s stock.
Several analysts have commented on FCF shares. Zacks Investment Research downgraded First Commonwealth Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Sandler O’Neill started coverage on First Commonwealth Financial in a research note on Thursday, August 30th. They set a “hold” rating and a $18.00 target price on the stock. ValuEngine downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Raymond James reiterated a “hold” rating on shares of First Commonwealth Financial in a research note on Friday, September 7th. Finally, Boenning Scattergood reiterated a “hold” rating and set a $14.00 target price on shares of First Commonwealth Financial in a research note on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. First Commonwealth Financial presently has a consensus rating of “Hold” and an average target price of $16.67.
In other First Commonwealth Financial news, Director Ray T. Charley bought 4,000 shares of the business’s stock in a transaction on Monday, October 29th. The shares were acquired at an average cost of $12.90 per share, for a total transaction of $51,600.00. Following the purchase, the director now owns 280,041 shares in the company, valued at approximately $3,612,528.90. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.42% of the company’s stock.
Shares of FCF opened at $13.88 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.19. First Commonwealth Financial has a 12 month low of $12.01 and a 12 month high of $17.91. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.64 and a beta of 1.08.
First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.25 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.03). First Commonwealth Financial had a net margin of 22.65% and a return on equity of 11.00%. The business had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $84.76 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. On average, equities research analysts expect that First Commonwealth Financial will post 1.03 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 2nd will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, November 1st. This represents a $0.36 annualized dividend and a yield of 2.59%. First Commonwealth Financial’s dividend payout ratio is 43.90%.
First Commonwealth Financial declared that its board has initiated a share buyback program on Tuesday, October 23rd that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 1.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
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First Commonwealth Financial Profile
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, 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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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