State Street Corp Sells 7,910 Shares of First Commonwealth Financial Co. (NYSE:FCF)

State Street Corp lessened its stake in First Commonwealth Financial Co. (NYSE:FCF) by 0.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,623,412 shares of the bank’s stock after selling 7,910 shares during the period. State Street Corp’s holdings in First Commonwealth Financial were worth $79,292,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC boosted its holdings in First Commonwealth Financial by 5.9% in the third quarter. Natixis Advisors LLC now owns 15,882 shares of the bank’s stock valued at $272,000 after acquiring an additional 883 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in First Commonwealth Financial by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 51,300 shares of the bank’s stock worth $708,000 after buying an additional 900 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in First Commonwealth Financial by 6.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,383 shares of the bank’s stock valued at $332,000 after buying an additional 1,112 shares during the period. Farther Finance Advisors LLC boosted its position in First Commonwealth Financial by 2,572.6% during the third quarter. Farther Finance Advisors LLC now owns 1,657 shares of the bank’s stock valued at $28,000 after acquiring an additional 1,595 shares during the last quarter. Finally, CWM LLC grew its holdings in 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 acquiring an additional 1,633 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

First Commonwealth Financial Trading Down 2.9 %

Shares of First Commonwealth Financial stock opened at $17.84 on Wednesday. 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 Co. has a 52 week low of $12.41 and a 52 week high of $19.96. The stock has a 50 day moving average price of $17.99 and a two-hundred day moving average price of $16.49. The stock has a market capitalization of $1.82 billion, a PE ratio of 12.05 and a beta of 0.86.

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

First Commonwealth Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a yield of 2.91%. First Commonwealth Financial’s payout ratio is 35.14%.

Insiders Place Their Bets

In related news, EVP Michael P. Mccuen bought 2,919 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were bought at an average price of $16.99 per share, with a total value of $49,593.81. Following the completion of the transaction, the executive vice president now directly owns 57,623 shares in the company, valued at approximately $979,014.77. This represents a 5.34 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. StockNews.com downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Monday. Piper Sandler cut their price target on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Commonwealth Financial from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.70.

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.