Texas Permanent School Fund Corp Has $1.89 Million Position in First Commonwealth Financial Co. (NYSE:FCF)

Texas Permanent School Fund Corp grew its position in First Commonwealth Financial Co. (NYSE:FCF) by 53.3% during the 2nd quarter, Holdings Channel reports. The firm owned 136,563 shares of the bank’s stock after purchasing an additional 47,466 shares during the quarter. Texas Permanent School Fund Corp’s holdings in First Commonwealth Financial were worth $1,886,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Franklin Resources Inc. grew its stake in First Commonwealth Financial by 155.0% during the fourth quarter. Franklin Resources Inc. now owns 2,697,502 shares of the bank’s stock worth $41,649,000 after buying an additional 1,639,667 shares during the last quarter. Norges Bank bought a new stake in First Commonwealth Financial during the 4th quarter worth approximately $10,803,000. Hsbc Holdings PLC acquired a new stake in First Commonwealth Financial during the 4th quarter valued at $1,066,000. First Commonwealth Financial Corp PA raised its position in First Commonwealth Financial by 6.9% in the 1st quarter. First Commonwealth Financial Corp PA now owns 960,725 shares of the bank’s stock valued at $13,373,000 after purchasing an additional 61,823 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new position in First Commonwealth Financial in the second quarter worth $693,000. Institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Up 0.3 %

NYSE:FCF opened at $16.99 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. First Commonwealth Financial Co. has a 12-month low of $11.16 and a 12-month high of $19.01. The stock’s fifty day simple moving average is $16.56 and its 200-day simple moving average is $14.53. The firm has a market capitalization of $1.74 billion, a P/E ratio of 10.55 and a beta of 0.83.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $120.20 million for the quarter, compared to analysts’ expectations of $118.34 million. First Commonwealth Financial had a return on equity of 12.14% and a net margin of 23.39%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 earnings per share. Equities research analysts expect that First Commonwealth Financial Co. will post 1.44 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, August 2nd. First Commonwealth Financial’s payout ratio is presently 32.30%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Janney Montgomery Scott cut First Commonwealth Financial from a “buy” rating to a “neutral” rating and lifted their price target for the company from $16.00 to $19.00 in a report on Monday, July 29th. Royal Bank of Canada increased their price target on shares of First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods lifted their target price on First Commonwealth Financial from $16.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, July 25th. Piper Sandler upped their price target on First Commonwealth Financial from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 25th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.50.

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.