Nordea Investment Management AB Boosts Stock Holdings in First Commonwealth Financial Corporation $FCF

Nordea Investment Management AB raised its holdings in shares of First Commonwealth Financial Corporation (NYSE:FCF) by 1.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 218,420 shares of the bank’s stock after purchasing an additional 2,598 shares during the period. Nordea Investment Management AB owned 0.21% of First Commonwealth Financial worth $3,567,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in First Commonwealth Financial by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 576,222 shares of the bank’s stock valued at $8,954,000 after purchasing an additional 18,825 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in First Commonwealth Financial by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,687 shares of the bank’s stock valued at $1,281,000 after purchasing an additional 8,828 shares during the period. Entropy Technologies LP purchased a new position in shares of First Commonwealth Financial in the 1st quarter worth approximately $400,000. SG Americas Securities LLC purchased a new position in shares of First Commonwealth Financial in the 1st quarter worth approximately $484,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of First Commonwealth Financial by 10.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,680 shares of the bank’s stock worth $337,000 after acquiring an additional 2,088 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FCF. Zacks Research downgraded shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Weiss Ratings restated a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, DA Davidson downgraded shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.90.

First Commonwealth Financial Stock Down 0.0%

FCF stock opened at $16.13 on Wednesday. The firm has a 50 day moving average of $17.12 and a 200 day moving average of $16.28. The stock has a market capitalization of $1.69 billion, a PE ratio of 12.40 and a beta of 0.82. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a 52 week low of $13.54 and a 52 week high of $19.96.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Tuesday, July 29th. The bank reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $131.33 million during the quarter, compared to analysts’ expectations of $125.88 million. First Commonwealth Financial had a net margin of 18.94% and a return on equity of 9.71%. During the same period last year, the business earned $0.37 EPS. Sell-side analysts forecast 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, August 22nd. Stockholders of record on Friday, August 8th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, August 8th. First Commonwealth Financial’s dividend payout ratio is 41.54%.

Insider Buying and Selling at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,190 shares of the company’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $16.99, for a total value of $37,208.10. Following the sale, the chief financial officer directly owned 85,866 shares of the company’s stock, valued at $1,458,863.34. This represents a 2.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael P. Mccuen acquired 2,826 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was acquired at an average cost of $17.67 per share, for a total transaction of $49,935.42. Following the completion of the acquisition, the executive vice president directly owned 59,021 shares in the company, valued at approximately $1,042,901.07. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 6,570 shares of company stock worth $112,544 over the last ninety days. Insiders own 2.17% of the company’s stock.

First Commonwealth Financial Company Profile

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health 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.