99,575 Shares in First Commonwealth Financial Corporation $FCF Bought by Weiss Asset Management LP

Weiss Asset Management LP acquired a new stake in First Commonwealth Financial Corporation (NYSE:FCF) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 99,575 shares of the bank’s stock, valued at approximately $1,751,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FCF. Royal Bank of Canada raised its holdings in shares of First Commonwealth Financial by 12.6% during the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock valued at $2,935,000 after buying an additional 21,108 shares during the period. AQR Capital Management LLC lifted its position in First Commonwealth Financial by 15.0% during the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after acquiring an additional 25,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in First Commonwealth Financial by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock worth $940,000 after acquiring an additional 2,952 shares during the period. Millennium Management LLC boosted its holdings in 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 acquiring an additional 336,775 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in First Commonwealth Financial by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock worth $3,776,000 after acquiring an additional 21,839 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

First Commonwealth Financial Trading Down 0.2%

Shares of FCF opened at $20.83 on Monday. First Commonwealth Financial Corporation has a one year low of $15.00 and a one year high of $21.41. The stock has a 50-day moving average price of $19.78 and a 200 day moving average price of $18.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $2.12 billion, a P/E ratio of 13.79 and a beta of 0.74.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, April 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03). First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.The business had revenue of $133.70 million for the quarter, compared to analysts’ expectations of $134.32 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share. First Commonwealth Financial’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts forecast that First Commonwealth Financial Corporation will post 1.71 EPS for the current fiscal year.

First Commonwealth Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.14. The ex-dividend date was Friday, May 8th. First Commonwealth Financial’s payout ratio is presently 37.09%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research note on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.33.

Insider Buying and Selling

In other First Commonwealth Financial news, EVP Norman J. Montgomery sold 12,964 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $18.37, for a total transaction of $238,148.68. Following the completion of the transaction, the executive vice president directly owned 50,104 shares of the company’s stock, valued at $920,410.48. This trade represents a 20.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael P. Mccuen sold 5,250 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total transaction of $97,545.00. Following the completion of the sale, the executive vice president directly owned 56,861 shares of the company’s stock, valued at $1,056,477.38. The trade was a 8.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 49,430 shares of company stock worth $914,266. Insiders own 1.90% of the company’s stock.

First Commonwealth Financial Company Profile

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.