First Commonwealth Financial Co. (NYSE:FCF) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. increased its stake in First Commonwealth Financial Co. (NYSE:FCF) by 0.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 291,757 shares of the bank’s stock after buying an additional 1,850 shares during the quarter. Federated Hermes Inc.’s holdings in First Commonwealth Financial were worth $4,029,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Franklin Resources Inc. grew its position in First Commonwealth Financial by 155.0% in the fourth quarter. Franklin Resources Inc. now owns 2,697,502 shares of the bank’s stock valued at $41,649,000 after acquiring an additional 1,639,667 shares in the last quarter. Norges Bank acquired a new position in shares of First Commonwealth Financial during the fourth quarter worth $10,803,000. American Century Companies Inc. boosted its stake in shares of First Commonwealth Financial by 29.9% in the second quarter. American Century Companies Inc. now owns 1,673,201 shares of the bank’s stock valued at $23,107,000 after purchasing an additional 384,892 shares during the period. Hsbc Holdings PLC acquired a new stake in First Commonwealth Financial during the 4th quarter valued at $1,066,000. Finally, First Commonwealth Financial Corp PA increased its stake in First Commonwealth Financial by 6.9% during the 1st quarter. First Commonwealth Financial Corp PA now owns 960,725 shares of the bank’s stock worth $13,373,000 after buying an additional 61,823 shares during the period. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

First Commonwealth Financial Stock Performance

FCF stock opened at $17.07 on Thursday. The stock’s 50 day simple moving average is $16.62 and its 200 day simple moving average is $14.55. First Commonwealth Financial Co. has a 12-month low of $11.16 and a 12-month high of $19.01. The firm has a market cap of $1.75 billion, a P/E ratio of 10.66 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. First Commonwealth Financial had a net margin of 23.39% and a return on equity of 12.14%. 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 company 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 Announces Dividend

The business 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. The ex-dividend date was Friday, August 2nd. This represents a $0.52 dividend on an annualized basis and a yield of 3.05%. First Commonwealth Financial’s payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FCF. Royal Bank of Canada raised their target price 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. Janney Montgomery Scott downgraded First Commonwealth Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $16.00 to $19.00 in a report on Monday, July 29th. Piper Sandler increased their target price 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. Keefe, Bruyette & Woods lifted their price target on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 25th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.50.

First Commonwealth Financial 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.