Vanguard Group Inc increased its stake in First Commonwealth Financial (NYSE:FCF) by 2.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 10,401,264 shares of the bank’s stock after acquiring an additional 240,823 shares during the period. Vanguard Group Inc owned about 0.10% of First Commonwealth Financial worth $167,876,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in FCF. Bank of New York Mellon Corp raised its stake in First Commonwealth Financial by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 1,410,700 shares of the bank’s stock worth $21,879,000 after buying an additional 22,901 shares in the last quarter. SG Americas Securities LLC raised its stake in First Commonwealth Financial by 310.3% in the second quarter. SG Americas Securities LLC now owns 42,846 shares of the bank’s stock worth $665,000 after buying an additional 32,403 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in First Commonwealth Financial by 6.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 691,899 shares of the bank’s stock worth $10,732,000 after buying an additional 41,629 shares in the last quarter. BlackRock Inc. raised its stake in First Commonwealth Financial by 8.7% in the second quarter. BlackRock Inc. now owns 14,063,205 shares of the bank’s stock worth $218,121,000 after buying an additional 1,121,525 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in First Commonwealth Financial by 8.2% in the second quarter. Legal & General Group Plc now owns 222,340 shares of the bank’s stock worth $3,461,000 after buying an additional 16,933 shares in the last quarter. 69.41% of the stock is owned by institutional investors.
In other news, Director Ray T. Charley purchased 4,000 shares of First Commonwealth Financial stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average price of $12.90 per share, with a total value of $51,600.00. Following the completion of the transaction, the director now directly owns 280,041 shares of the company’s stock, valued at $3,612,528.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Luke A. Latimer purchased 8,000 shares of First Commonwealth Financial stock in a transaction that occurred on Tuesday, December 18th. The shares were purchased at an average cost of $12.24 per share, with a total value of $97,920.00. Following the transaction, the director now directly owns 145,918 shares of the company’s stock, valued at $1,786,036.32. The disclosure for this purchase can be found here. Insiders have purchased 13,170 shares of company stock valued at $164,449 in the last three months. 1.42% of the stock is owned by insiders.
First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $83.57 million for the quarter, compared to the consensus estimate of $84.76 million. First Commonwealth Financial had a net margin of 22.65% and a return on equity of 11.00%. During the same period last year, the business earned $0.22 EPS. On average, sell-side analysts anticipate that First Commonwealth Financial will post 1.02 EPS for the current fiscal year.
First Commonwealth Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, October 23rd that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 1.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
A number of equities analysts recently issued reports on FCF shares. Zacks Investment Research raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Tuesday, September 25th. Boenning Scattergood reaffirmed a “hold” rating and set a $14.00 target price on shares of First Commonwealth Financial in a research note on Wednesday, October 24th. ValuEngine downgraded shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Sandler O’Neill raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a research report on Thursday, October 25th. Finally, B. Riley raised shares of First Commonwealth Financial from a “neutral” rating to a “buy” rating and reduced their price target for the company from $18.00 to $16.00 in a research report on Thursday, November 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. First Commonwealth Financial currently has an average rating of “Hold” and an average target price of $16.67.
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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.
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