First Commonwealth Financial Co. (NYSE:FCF) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in shares of First Commonwealth Financial Co. (NYSE:FCF) by 45.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,819 shares of the bank’s stock after selling 17,213 shares during the quarter. Victory Capital Management Inc.’s holdings in First Commonwealth Financial were worth $288,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Janney Montgomery Scott LLC grew its stake in First Commonwealth Financial by 9.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 88,008 shares of the bank’s stock valued at $1,359,000 after acquiring an additional 7,724 shares in the last quarter. Norges Bank purchased a new position in First Commonwealth Financial during the fourth quarter worth approximately $10,803,000. Trexquant Investment LP purchased a new position in First Commonwealth Financial during the fourth quarter worth approximately $743,000. Hsbc Holdings PLC purchased a new stake in First Commonwealth Financial in the 4th quarter valued at $1,066,000. Finally, Rafferty Asset Management LLC increased its stake in shares of First Commonwealth Financial by 62.5% in the 4th quarter. Rafferty Asset Management LLC now owns 128,096 shares of the bank’s stock worth $1,978,000 after acquiring an additional 49,267 shares during the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analyst Ratings Changes

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

First Commonwealth Financial Stock Performance

Shares of FCF stock opened at $17.01 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market cap of $1.74 billion, a P/E ratio of 10.56 and a beta of 0.83. The firm’s 50 day moving average price is $16.79 and its 200-day moving average price is $14.66. First Commonwealth Financial Co. has a one year low of $11.16 and a one year high of $19.01.

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

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were given 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 dividend payout ratio is currently 32.30%.

About First Commonwealth Financial

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.