LSV Asset Management Has $4.32 Million Stock Position in First Commonwealth Financial Corporation $FCF

LSV Asset Management reduced its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF) by 11.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 253,500 shares of the bank’s stock after selling 33,600 shares during the quarter. LSV Asset Management owned 0.24% of First Commonwealth Financial worth $4,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of First Commonwealth Financial by 12.6% during the first 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 last quarter. AQR Capital Management LLC raised its holdings in First Commonwealth Financial by 15.0% in the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock valued at $3,024,000 after acquiring an additional 25,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 grew its holdings in shares of First Commonwealth Financial by 700.8% during 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Commonwealth Financial by 9.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock valued at $3,776,000 after purchasing an additional 21,839 shares during the period. 72.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on FCF shares. Keefe, Bruyette & Woods raised their target price on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Piper Sandler assumed coverage on shares of First Commonwealth Financial in a report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price objective for the company. DA Davidson cut shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. 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 note on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.75.

Insider Activity

In other news, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $16.74, for a total transaction of $34,685.28. Following the transaction, the chief financial officer directly owned 80,311 shares in the company, valued at approximately $1,344,406.14. This represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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 directly owned 158,975 shares in the company, valued at $2,996,678.75. This trade represents a 10.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 22,635 shares of company stock worth $417,719. 2.17% of the stock is owned by corporate insiders.

First Commonwealth Financial Price Performance

NYSE:FCF opened at $18.37 on Monday. 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 market cap of $1.91 billion, a PE ratio of 12.58 and a beta of 0.81. First Commonwealth Financial Corporation has a 12 month low of $13.54 and a 12 month high of $19.08. The company’s 50-day moving average price is $17.54 and its two-hundred day moving average price is $16.97.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, January 27th. The bank reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $137.82 million for the quarter, compared to the consensus estimate of $135.63 million. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.First Commonwealth Financial’s revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. On average, equities analysts anticipate that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, February 6th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, February 6th. First Commonwealth Financial’s dividend payout ratio is presently 36.99%.

First Commonwealth Financial announced that its board has approved a stock buyback plan on Monday, December 1st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

First Commonwealth Financial 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.