New York State Teachers Retirement System Sells 8,138 Shares of First Commonwealth Financial Co. (NYSE:FCF)

New York State Teachers Retirement System cut its stake in First Commonwealth Financial Co. (NYSE:FCF) by 4.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 185,361 shares of the bank’s stock after selling 8,138 shares during the quarter. New York State Teachers Retirement System’s holdings in First Commonwealth Financial were worth $3,179,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. CWM LLC raised its stake in shares of First Commonwealth Financial by 451.1% during the 2nd quarter. CWM LLC now owns 1,995 shares of the bank’s stock worth $28,000 after purchasing an additional 1,633 shares during the period. Quest Partners LLC bought a new stake in First Commonwealth Financial in the second quarter worth about $34,000. Innealta Capital LLC purchased a new position in First Commonwealth Financial in the second quarter valued at about $51,000. nVerses Capital LLC bought a new position in shares of First Commonwealth Financial during the 3rd quarter valued at approximately $72,000. Finally, Algert Global LLC purchased a new stake in shares of First Commonwealth Financial during the 2nd quarter worth approximately $142,000. Institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FCF shares. Piper Sandler dropped their price objective on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. StockNews.com cut First Commonwealth Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Janney Montgomery Scott downgraded First Commonwealth Financial from a “buy” rating to a “neutral” rating and increased their price target for the stock from $16.00 to $19.00 in a research note on Monday, July 29th. Royal Bank of Canada boosted their price objective on First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.30.

Insider Transactions at First Commonwealth Financial

In related news, EVP Michael P. Mccuen bought 2,919 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average cost of $16.99 per share, with a total value of $49,593.81. Following the completion of the purchase, the executive vice president now directly owns 57,623 shares of the company’s stock, valued at $979,014.77. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.97% of the stock is owned by insiders.

First Commonwealth Financial Stock Performance

NYSE:FCF opened at $18.55 on Friday. The business’s fifty day moving average is $16.88 and its 200 day moving average is $15.47. First Commonwealth Financial Co. has a 52-week low of $12.30 and a 52-week high of $19.50. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 12.53 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.92 and a current ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings results on Tuesday, October 29th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The firm had revenue of $121.21 million during the quarter, compared to the consensus estimate of $119.47 million. During the same period in the previous year, the company posted $0.39 EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts predict that First Commonwealth Financial Co. will post 1.4 EPS for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.80%. First Commonwealth Financial’s payout ratio is currently 35.14%.

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.