First Commonwealth Financial Corporation $FCF Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its holdings in First Commonwealth Financial Corporation (NYSE:FCF) by 14.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 406,469 shares of the bank’s stock after purchasing an additional 49,853 shares during the period. Public Sector Pension Investment Board owned about 0.39% of First Commonwealth Financial worth $6,930,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FCF. Royal Bank of Canada increased its stake in shares of First Commonwealth Financial by 12.6% in the first quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock worth $2,935,000 after buying an additional 21,108 shares during the last quarter. AQR Capital Management LLC increased its position in shares of First Commonwealth Financial by 15.0% in the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after purchasing an additional 25,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 purchasing an additional 2,952 shares during the last quarter. Millennium Management LLC raised its stake in shares of First Commonwealth Financial by 700.8% in the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock valued at $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 lifted 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 worth $3,776,000 after purchasing an additional 21,839 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $16.74, for a total transaction of $34,685.28. Following the sale, the chief financial officer directly owned 80,311 shares in the company, valued at $1,344,406.14. The trade was 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 available through the SEC website. Also, EVP Jane Grebenc sold 18,598 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the completion of the transaction, the executive vice president owned 158,975 shares of the company’s stock, valued at $2,996,678.75. This represents a 10.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,635 shares of company stock worth $417,719 in the last three months. 2.17% of the stock is owned by company insiders.

First Commonwealth Financial Stock Performance

Shares of FCF opened at $18.40 on Wednesday. The firm has a fifty day moving average of $17.61 and a 200-day moving average of $17.00. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 12.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.95. First Commonwealth Financial Corporation has a 1 year low of $13.54 and a 1 year high of $19.08.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The firm had revenue of $137.82 million for the quarter, compared to the consensus estimate of $135.63 million. During the same period last year, the firm posted $0.35 EPS. First Commonwealth Financial’s quarterly revenue was up 14.2% compared to the same quarter last year. As a group, equities analysts anticipate that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial declared that its board has approved a share buyback plan on Monday, December 1st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 1.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Commonwealth Financial Announces Dividend

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

Analyst Ratings Changes

Several analysts recently weighed in on FCF shares. Raymond James Financial set a $20.00 price objective on First Commonwealth Financial and gave the company an “outperform” rating in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Piper Sandler assumed coverage on shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the company a “market perform” rating in a report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

About First Commonwealth Financial

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.